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Vietnam scales down public investment reform loans

Deputy Prime Minister Nguyen Sinh Hung on January 28 agreed to adjust down the size of the loan for a public investment reform project funded by the World Bank to $350million and 35million euro from previous estimation of $500millon.

Deputy Prime Minister Nguyen Sinh Hung on January 28 agreed to adjust down the size of the loan for a public investment reform project funded by the World Bank to $350million and 35million euro from previous estimation of $500millon, the local newswire CafeF reported.

Of the sum, $100million will be sourced from the International Development Association (IDA), which is part of the WB that helps the world’s poorest countries, $250million will come from the International Bank for Reconstruction and Development (IBRD), the low-interest lending arm of the World Bank and 35million euro will be funded by a French Development Agency or Agence Française de Développement (AFD)

Earlier, the World Bank planned to grant Vietnam a loan of $1billion in two tranches, the media reported, adding that the first $500million loan was disbursed in early 2010 and another $500million was scheduled to disburse in Q3/2010.

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