The State Bank of Vietnam (SBV) and the French Development Agency (AFD) on Dec. 13 signed a non-refundable grant agreement worth 1 million EUR to support the SBV in a development project for the microfinance sector.

The project is part of the cooperative activities between France and Vietnam , aiming to promote a financially and institutionally sustainable sector, in order to broaden access to financial services for Vietnamese people.

Through this project, AFD will support the Vietnamese Government in implementing legal reforms in order to promote the development of microfinance.

With this new financing agreement, the total net commitments of AFD for official development assistance (ODA) for Vietnam will amount to around 1.07 billion EUR./.