The Bank for Social Policies (BSP)’s annual outstanding loan growth rate is expected to increase by 10 percent.

The Prime Minister has ordered the Ministry of Investment and Planning, the Ministry of Finance and other authorised bodies to examine the proposed final decision.

The drive is in line with the bank’s 2011-2020 development strategy, approved by the PM, in a bid to create opportunities for credit activity expansion and to assist impoverished households to rise out of poverty.

The PM has requested the Governor of the State Bank of Vietnam, Nguyen Van Binh who is also Chairman of the BSP Board of Directors, to provide easier credit access for social beneficiaries in an effort to successfully and sustainably reduce huger.

As many as 1.24 million impoverished households and policy beneficiaries in Hanoi have accessed capital from the bank over the past 12 years, receiving a combined loan value of over 14 trillion VND (658 million USD).

Last year, the Hanoi branch offered loans to 120,000 households, including 17,000 disadvantaged individuals and 11,000 students.

The branch also generated jobs for 30,000 locals, upgraded 60,000 clean water facilities and contributed to reducing the rate of impoverished households to 1.91 percent in 2014 from 2.66 percent in 2013.-VNA