Contact:
In Vietnam: Ngan Hong Nguyen
Phone: +84-4-9346600 ext. 234
Email: nnguyen5@worldbank.org
In Washington: Mohamad Al Arief
Email: malarief@worldbank.org
WashingtonDC, October 30, 2008 - The World Bank’s Board of Directors today approved nearly US$60 million in funding for Vietnam’s Finance Sector Modernization and Information Management System Project by the International Development Association (IDA), the World Bank’s concessional arm.
The funds will assist the State Bank of Vietnam, the Credit Information Center, and the Deposit Insurance of Vietnam to reform and modernize the financial sector by improving delivery of their main functions in line with international standards.
The IDA credit will finance technical assistance for their functional strengthening, capacity building, and business process re-engineering. And a major portion of the US$60 million will be used to build a modern, centralized information and communications technology (ICT) platform to support the State Bank of Vietnam’s evolving role as a central bank.
“The project is aimed at contributing to the achievement of the Government's strategic goal of a stable and sound financial sector in Vietnam,” said Ms. Xiaofeng Hua of the World Bank’s East Asia and Pacific Region.
“This effort is critical in ensuring Vietnam’s sustainable economic growth and continued progress in poverty reduction, especially at a time of global financial turbulence.”
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