The project on poverty reduction in northern mountainous provinces launched its second phase on Thursday in Hanoi with US$150 million in loans from the World Bank.
The $165 million project will be carried out from 2010-2015 in more than 2,300 villages in the six provinces of Lao Cai, Yen Bai, Son La, Hoa Binh, Dien Bien and Lai Chau.
The project aims to improving living conditions of local people by raising access to infrastructure, the institutional capacity of local authorities, the output of local communities, market connectivity and business initiatives.
The WB’s Director in Vietnam, Victoria Kwakwa, hailed Vietnam’s achievements in poverty reduction, saying that she hoped the project will continue to contribute to the country.
The Deputy Minister of Planning and Investment Cao Viet Sinh, said the rate of poor households in the six targeted provinces is high, from 23-30 percent compared to the national average of just over 11 percent.
Therefore, the WB’s assistance to the project will help Vietnam meet its UN millennium development goals on poverty reduction by 2015, he said.
With $130 million, the first phase of the project, in six northern mountainous provinces of Lao Cai, Yen Bai, Hoa Binh, Son La, Bac Giang and Phu Tho, has made a significant contribution to improving the local residents’ standard of living.
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