The World Bank (WB) has approved a loan of 309.4 million U.S. dollars for Vietnam to support its social and infrastructure development, according to a press release issued by the WB in Vietnam on Friday.

Of the total money, 175 million dollars will be poured into poverty reduction support; 59.4 million dollars, higher education improvement; 50 million dollars, urban development in southern Ho Chi Minh City; and 25 million dollars; infrastructure development in southern Ca Mau city and the southern Mekong Delta.

The 6th Poverty Reduction Support Credit provides resources directly to the government budget, supporting Vietnam's efforts to become a middle-income country by the end of the decade.

The 2nd Higher Education Project with total investment of 70.5 million dollars, including 59.4 million dollars from the WB, aims to increase the quality of teaching and research in universities, in ways that improve the employability of graduates and the relevance of research.

The Ho Chi Minh City Investment Fund for Urban Development Project is expected to increase private sector participation in financing municipal infrastructure projects in the city.

Source: Xinhua