Hanoi, 16 December, 2010 – The World Bank and the State Bank of Vietnam (SBV) today signed a financing agreement and related legal documents for the Higher Education Development Policy Credit valued at USD 50 million– the second operation in a programmatic series of three credits.
The credit is provided by the International Development Association (IDA) – the arm of the World Bank that helps the world’s poorest countries.
The Program as a whole is designed to support implementation of the Government’s “Higher Education Reform Agenda”. This operation aims to strengthen governance and accountability, rationalize financing, improve quality of teaching and research, and enhance transparency in financial management within the higher education sector.
Addressing the signing ceremony, Victoria Kwakwa, the World Bank Country Director for Vietnam said: “Further progress in access to, and quality of education and training at all levels is critical for achieving Vietnam’s development objectives and in particular its objective to build the skills needed to raise the competitiveness of its economy.”