France lends Vietnam 90 millions euros for banking, financial sector
HANOI - France's development agency said Monday it has approved two loans totalling 90 million euros (dollars) to its former colony Vietnam to help restructure its banking and financial sector.
The state-owned Vietnam Bank for Agricultural and Rural Development will receive 45 million euros to refinance loans to some 30,000 rural households, upgrade its information systems and fund training programmes.
The Agence Francaise de Development (AFD) said in a statement this would help raise household incomes among Vietnam's predominantly rural population as well as modernise the country's banking sector.
A further 35 million euros will be channelled into developing the financial, non-banking sector in partnership with the Asian Development Bank.
The project aims at "developing economic policies conducive to a sound financial sector" by establishing a legal and regulatory framework and promoting competition, the AFD said.
France is the second-largest aid donor to Vietnam behind Japan.
Agence France Presse - 2 décembre 2002
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