Commercial banks to support WB projects

Transaction at Techcombank (Illustrative image. Source: http://www.sggp.org.vn)

Hanoi (VNA) - Saigon -Hanoi Bank (SHB) and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) have been assigned to support projects signed between Vietnam and the World Bank.

The decisions were issued by the State Bank of Vietnam (SBV).

Accordingly, SHB will support the project "Medium Urban Development" - Financing Agreement for Additional Financing Credit 6070-VN and Financing Credit Code 6071-VN, signed on December 15, 2017.

In addition to this, SBV also assigned Techcombank to serve “Sustainable development of Da Nang city” - Financing Agreement for Additional Financing Credit 6032-VN, signed on September 29, 2017.

The general directors of SHB and Techcomback are responsible for implementing the provisions of Decree 16/2016 /NĐ-CP dated March 16, 2016, of the government on the management and use of official development assistance (ODA) and preferential loans of foreign donors, guiding documents of the SBV and the Ministry of Finance, as well as the guiding regulations of the World Bank to better serve the implementation of the project.

These decisions are effective from the signing date on June 6, 2018.-VNA