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| An agreement for three programmes worth more than US$370 million have been inked on Monday in Ha Noi. — Photo chinhphu.vn |
HA NOI (Biz Hub) — Prime Minister Nguyen Xuan Phuc on July 25 presented the Friendship Order to Victoria Kwakwa, Regional Vice President for East Asia and the Pacific of the World Bank (WB), who was the former WB Country Director in Viet Nam.
The WB official was honoured in recognition of her contributions to accelerating the bank's support and cooperation during Viet Nam's socio-economic development.
Addressing the award ceremony, Governor of the State Bank of Vietnam (SBV) Le Minh Hung said Kwakwa assumed the post of WB Country Director in Viet Nam in April 2009. In this position, she helped Viet Nam gain access to the WB's policy consultations, as well as its capital and technical assistance to deal with difficulties and challenges facing the country.
Thanks to the WB's support, the SBV has increased its capacity and completed its institutions and legal frameworks on banking activities in accordance with international practice, Hung stressed.
Kwakwa has played an important role in elevating co-operation between Viet Nam and the WB to a partnership, he said.
At the ceremony, Hung and Kwakwa inked an agreement for three programmes worth more than US$370 million.
The funds will provide $162 million, including $12 million jointly contributed by the Canadian and Swiss governments, for the third Economic Management and Competitiveness Credit; $90 million for the first Climate Change and Green Growth Programme, and an additional $119 million for the Urban Water Supply and Wastewater project.
The third Economic Management and Competitiveness Development Policy Operation will enable the country to carry out reforms in key areas, including banking, public investment and State-own enterprises to help stabilise macro-economics, attract foreign investment and fortify the domestic economy.
The climate change, water supply and wastewater projects will help Viet Nam complete the institutional framework for environmental protection and climate change response, especially in provinces and cities highly prone to climate change, Vietnam News Agency reported.
Speaking at the event, Kwakwa thanked the Government for having actively and efficiently incorporated the WB's activities in the country.
She said the WB had evaluated Viet Nam's socio-economic development achievements and was convinced that the signed programmes would be successfully implemented and reach set targets, which would further intensify the relationship between the two sides. — VNS