The World Bank said Friday it is lending US$60 million for a project that will provide better training and technology to the State Bank of Vietnam, helping it modernize to international standards.
The credit would help the central bank, the Credit Information Center (CIC), and the Deposit Insurance of Vietnam (DIV) “to reform and modernize the financial sector by improving delivery of their main functions in line with international standards,” the bank said in a press release.
Much of the loan would be used to build a modern, centralized information and communications technology platform to support the State Bank of Vietnam's evolving role as a central bank.
The project would also help the Credit Information Center and the Deposit Insurance of Vietnam with funding from the International Development Association, the Washington-based World Bank's concessional arm.
“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 Xiaofeng Hua of the 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.”
Source: Thanh Nien
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