Over half a century ago, Lao PDR began its journey to become a modern nation and committed itself to long-term development ambitions. It has delivered electricity, schools, roads, and has become an important energy exporter.
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Bank Group ContributionThe World Bank acted as the trust fund administrator and contributed additional resources for product supervision.Partners ContributionThe total cost of the project was $ 7.6 million... Show More + and was financed through a multi donor partnership.The National Implementation Unit, under the Department of Planning and Cooperation (of the Ministry of Industry and Commerce), was responsible for coordinating activities financed by the project.The Ministry of Industry and Commerce, along with development partners, established the Trade Development Facility as the principle mechanism for financing the implementation of the trade and integration action matrix via a Multi Donor Trust Fund. The trust fund consisted of the contributions from the European Union, Australia, and GermanyMoving ForwardLao PDR now has the key building blocks to manage and implement an effective aid-for-trade program. It has an enlarged capacity and is largely motivated for the next phase of the program Show Less -
Vientiane, Lao PDR, November 14, 2011 – Over the past decade, Lao PDR has experienced a boom in economic growth. Per capita incomes have more than doubled since 1990, raising the country from a low-income... Show More + to a lower-middle-income economy in 2011. Following the introduction of the New Economic Mechanism and the implementation of reforms since 1986, the economy has expanded on average by 6.5 percent per year between 1990 and 2009. By 2010, per capita income reached US$1,010 while the country’s poverty headcount was significantly reduced from 46 percent of the population in 1992-1993 to 28 percent in 2007-2008.“Recent economic development is commonly linked to the natural resource sector, as Lao PDR is richly endowed with minerals, water resources for hydropower development, and forestry products. However, for the country to sustain its growth, it is important to strike a balance between the resource and non-resource sectors”, says Genevieve Boyreau, the World Bank’s Senior Country Econom Show Less -