World Bank loans 221 million USD to support Vietnam’s economic recovery
(VOVWORLD) - Vietnam and the World Bank signed an agreement to finance 221 million USD for Vietnam’s recovery from the COVID-19 pandemic through policy reforms aimed at improving financial inclusion and spurring greater environmental resilience.
 (Photo: hanoimoi.com.vn) |
In a press release on Monday, the World Bank highly appreciated Vietnam’s immediate moves to recover its economy.
The credit is a budget support operation and comes in the form of concessional terms for a period of 30 years with a grace period of five years. It encourages policy reforms under two pillars.
The first supports an inclusive economic recovery by easing the tax burden on businesses, improving access to financial assistance among vulnerable groups, reducing gender gaps in the workplace, and promoting financial inclusion.
The second pillar contributes to improving green trade policies, accelerating the adoption of e-government, and increasing the uptake of renewable energy.