The credit comes from the International Development Association (IDA) in the form of a soft loan provided by the WB for low-income countries and has a 40-year duration with a 10-year grace period. Addressing the signing ceremony, Victoria Kwakwa, the WB Country Director in Vietnam, said that “the ongoing global economic crisis provides Vietnam with an opportunity to deepen and accelerate its reforms in critical areas such as the financial sector, in order to strengthen the competitiveness of the economy.” The funds will assist the SBV, the Credit Information Centre (CIC) and the Deposit Insurance of Vietnam (DIV) to raise their operations up to international standards.
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