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ADB ready to support HCM City in economic recovery: Country Director

The Asian Development Bank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’s economic recovery in the short term, as well as its economic development in both medium and long terms.
ADB ready to support HCM City in economic recovery: Country Director ảnh 1Chairman of the municipal People’s Committee Phan Van Mai holds a virtual meeting with ADB Country Director for Vietnam Andrew Jeffries. (Photo: VNA)
HCM City (VNA) – The Asian DevelopmentBank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’seconomic recovery in the short term, as well as its economic development in bothmedium and long terms.

ADB Country Director for VietnamAndrew Jeffries made the promise during his virtual meeting with Chairman of the municipal People’sCommittee Phan Van Mai on October 23.

ADB is also willing to coordinate with HCM City in thedisbursement of capital for joint projects and provision of credit to help recover local businesses affected byCOVID-19 through intermediate financial institutions or guaranteed bank loans, he said.

Jeffries expressed his belief that HCM City will soonovercome adverse impacts of the pandemic, and spoke highly of the economicdevelopment capacity of HCM City and Vietnam as well in the medium and long terms.

The next six months will be an important periodwhen businesses, especially small and medium-sized enterprises (SMEs), andinvestors should receive support to surpass difficulties caused by COVID-19, hesaid.

For his part, Mai applauded the bank’s support to Vietnam in economic recovery and safe adaptation to the pandemic, highlightingthe ADB-funded COVID-19 financial relief worth 5 million USD to supportwomen-led SMEs, among others.

According to the official, the city has identified a phasedeconomic recovery roadmap and drawn up 11 strategies to safely, flexibly adapt to and effectively control the COVID-19 pandemic.

HCM City wants to receive ADB’s recommendations for itseconomic recovery strategies, he added.

The two sides agreed to improve the efficiency ofcooperation in ongoing projects, and discuss new ones associated with economicrecovery plans of HCM City and Vietnam./.
VNA
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