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ADB: To Lend Vietnam $600 Million To Support Econ, Policy Reforms

HANOI -(Dow Jones)- Vietnam Tuesday signed agreements with the Asian Development Bank for two loans worth $600 million to help the country cope with the impact of the global economic crisis and support policy reforms, the lender said.

The first loan worth $500 million, with a term of five years, will help finance the country's critical public expenditure programs in 2009 and 2010, the ADB said.

"As the crisis has affected the government's access to financial markets for budget financing, this $500 million fiscal stimulus loan is timely to support Vietnam's efforts to bolster its domestic economy and ensure social stability during a critical time," said ADB Country Director for Vietnam Ayumi Konishi.

The other loan of $100 million has a 24-year maturity and is aimed at supporting the government in its policy reforms in the areas of business development, social inclusion, natural resource management, and governance, it said.

-By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@ dowjones.com

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  10-20-090542ET
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