The World Bank (WB) and the State Bank of Vietnam (SBV) on April 24 signed a credit agreement worth 390 million USD for three project s to support agriculture , livelihoods in the Central Highlands region and the country’s social assistance system.

Of the total, 180 million USD will be funneled into the Irrigated Agriculture Improvement Project , which aims to support sustainable rural development, adaptation to climate change, and the enhanced competitiveness of seven provinces in the northern and central region. It will be carried out through 2020 at a total budget of 210 million USD.

The purpose of the Central Highlands Poverty Reduction Project is to improve livelihoods in poor districts of Dak Nong, Dak Lak, Gia Lai, Kon Tum, Quang Nam and Quang Ngai provinces.

It will receive 150 million USD from WB, and will run until the end of 2019.

The remaining 60 million USD will go to the Social Assistance System Strengthening Project , which aims to put in to place the critical elements of a strengthened social assistance system nationwide, ensuring better basic living standards for people and reducing poverty in a sustainable manner.

All the three projects will enjoy a preferential interest rate of 1.25 percent for a duration of 25 years.-VNA