The European Commission has approved an 8 million euro, non-refundable loan to assist a World Bank credit program to support Vietnam's efforts to foster economic growth and alleviate poverty.The Ambassador-Head of the Delegation of the European Commission to Vietnam, Markus Cornaro said the aid was to "support implementation of the Vietnamese government's Comprehensive Poverty Reduction and Growth Strategy with the ultimate objective of fostering growth and reducing poverty in Vietnam".
The Vietnam News Agency reports it is part of a $100 million interest-free loan known as 4th Poverty Reduction Support Credit (PRSC4) initiated by the World Bank. The EC would continue to provide 9 million euros next year for the PRSC5 to assist Vietnam in areas such as financial transparency and banking reform.
