Manila, Oct 6, 2006 AEST (ABN Newswire) - Asian Development Bank (ASX: ATB) has endorsed its new assistance strategy to Viet Nam for the period 2007-2010, including a plan to provide US$3 billion in 2007-2009.
The new strategy of ADB closely follows the Government's Socio Economic Development Plan (SEDP) 2006-2010 approved this year that envisages the total investment needs during this five-year period to be $140 billion-$150 billion.
"We would like to support the Government's new economic development plan," says Ayumi Konishi, Country Director for ADB's Resident Mission in Viet Nam. "We very much appreciate that the plan was developed through an open, consultative process. Viet Nam has been successful in reducing poverty through strong growth and we are happy to support the Government's own strategy."
ADB's new assistance strategy focuses on business-led, pro-poor economic growth that is supported by social equity, balanced development, and environmental sustainability. The plan also stresses the need to support the improvement of governance and control corruption. In addition, the strategy points out the need to make contributions to regional cooperation, whenever possible.
In order to support business-led, pro-poor growth, the plan also calls on ADB to help improve infrastructure, develop a business-enabling environment, offer financial intermediation, and support secondary education.
Projects amounting to $3 billion are expected during 2007-2009, supplemented by assistance to regional projects and private sector operations. Assistance under ADB's concessional loan facility, the Asian Development Fund, is expected to increase from the current $220 million a year to about $300 million a year.
"A key feature of this new strategy is that we will try to be most flexible in responding to the changing needs of Viet Nam through the combination of many different approaches," Mr. Konishi added.
As of the end of 2005, ADB operations in Viet Nam have included 55 public sector loans totaling $3.5 billion, 178 technical assistance grants totaling $120 million, and 7 private sector projects amounting to $337 million.
Viet Nam was among ADB's founding members in 1966 and cooperation has progressed steadily since operations resumed in 1993 after pausing for about 23 years.
Contact
Floyd Whaley
Email: fwhaley@adb.org
Tel:+632 632 6848; Mobile: +63 920 938 6488
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; Mobile: +63 920 938-6487
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