Loans

World Bank loans $221 mn to Vietnam for economic recovery from Covid-19

Photo: Reuters
Written by Publishing Team

The World Bank has signed an agreement with Vietnam in the amount of $221.5 million to finance the country’s recovery from the coronavirus pandemic.

“The Government of Vietnam and the World Bank have signed an agreement to finance $221.5 million to support Vietnam’s recovery from the COVID-19 pandemic through policy reforms aimed at improving financial inclusion and stimulating greater environmental resilience,” the World Bank statement read. Monday.

The statement said that the loan will be provided in the form of budget support for 30 years with a grace period of five years.

The statement added that the loan-related reforms will include easing the current tax burden on business entities, improving access to financial assistance for vulnerable groups, and reducing gender gaps in the workplace.

The environmental part of the recovery plan will focus on green trade policies, accelerating e-government adoption, and uptake of renewable energy, according to the statement.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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