ID :
195189
Fri, 07/15/2011 - 11:03
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https://oananews.org//node/195189
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WB gives over US$ 50 mln for poverty reduction in Laos
VIENTIANE,JULY.(KPL)- The World Bank has donated three grants amounting to over US$ 50 million to Laos to support its efforts in sustaining an effective poverty reduction strategy.
The agreement was singed here yesterday, 14 July between the Vice-Minister of Finance Viengthong Siphandone and the World Bank Country Director for Lao PDR Annette Dixon.
The newly signed grants include: A US$10 million for the Seventh Poverty Reduction Support Operation aimed at sustaining economic growth through improvement of the investment climate and facilitating trade and management of natural resources, a US$25 million grant from International Development Association for the Second Poverty Reduction Project (PRF II), which will be channelled to reduce poverty in rural Lao areas and a AUD 20.26 million for the Education for All – Fast Track Initiative Programme, formally launched in June 2011 by Minister of Education and Sport Phankham Viphavanh in Vientiane.
This programme is part of a larger initiative in which Australia is providing AUD21 million through the World Bank in support of the programme, which will be combined with USD15.5 million from the World Bank and USD30 million from the Fast Track Initiative Catalytic Fund.
“The three grants will contribute to improving social outcomes by enhancing the quality of the public finance management framework and service delivery mechanism in health and education sectors and targeted poverty reduction programme,” said Ms. Viengthong.
She also urged all concerned agencies to be actively involved and take ownership of the projects.
The three grants are part of a comprehensive package that reflects one of the key objectives of the Bank’s country assistance strategy for Laos to assist in sustaining growth through an improved macro economy and investment in human capital as well as to reduce poverty through targeting the poorest village clusters and districts.
All three programmes directly support the government’s breakthrough strategies, in particular human resource development and targeted poverty reduction programme, according to Ms. Dixon. “Expanding access to, and more importantly, improving the quality of education, and community-driven development activities for the most disadvantage and poor people are a critical investment for the future of Laos,” added Ms. Dixon.
The agreement was singed here yesterday, 14 July between the Vice-Minister of Finance Viengthong Siphandone and the World Bank Country Director for Lao PDR Annette Dixon.
The newly signed grants include: A US$10 million for the Seventh Poverty Reduction Support Operation aimed at sustaining economic growth through improvement of the investment climate and facilitating trade and management of natural resources, a US$25 million grant from International Development Association for the Second Poverty Reduction Project (PRF II), which will be channelled to reduce poverty in rural Lao areas and a AUD 20.26 million for the Education for All – Fast Track Initiative Programme, formally launched in June 2011 by Minister of Education and Sport Phankham Viphavanh in Vientiane.
This programme is part of a larger initiative in which Australia is providing AUD21 million through the World Bank in support of the programme, which will be combined with USD15.5 million from the World Bank and USD30 million from the Fast Track Initiative Catalytic Fund.
“The three grants will contribute to improving social outcomes by enhancing the quality of the public finance management framework and service delivery mechanism in health and education sectors and targeted poverty reduction programme,” said Ms. Viengthong.
She also urged all concerned agencies to be actively involved and take ownership of the projects.
The three grants are part of a comprehensive package that reflects one of the key objectives of the Bank’s country assistance strategy for Laos to assist in sustaining growth through an improved macro economy and investment in human capital as well as to reduce poverty through targeting the poorest village clusters and districts.
All three programmes directly support the government’s breakthrough strategies, in particular human resource development and targeted poverty reduction programme, according to Ms. Dixon. “Expanding access to, and more importantly, improving the quality of education, and community-driven development activities for the most disadvantage and poor people are a critical investment for the future of Laos,” added Ms. Dixon.
