An employee monitors pipeline of Karaha Unit I geothermal power plant owned by PT Pertamina Geothermal Energy in West Java (Photo: Antara) Jakarta (VNA) – The World Bank (WB) has approved a 150 million USD loan for Indonesia to scale up investments in geothermal energy by reducing the risks of early-stage exploration. climate-friendly development. Geothermal energy is expected to play a significant role in reducing Indonesia’s greenhouse gas emissions. As a clean and renewable energy source that provides power continuously, geothermal can reduce the country’s dependence on coal-fired power and other fossil fuels. If geothermal resources can be accessed easily, costs are competitive with coal and natural gas. Indonesian Minister of Finance Sri Mulyani said the country’s geothermal sector has vast potential and its current installed geothermal power capacity is already the second largest in the world. Geothermal is environmentally sustainable and … [Read more...] about World Bank supports Indonesia’s geothermal energy development
World bank vietnam
World Bank project to strengthen banking sector’s soundness
At the signing ceremony (Photo: VNA) Hanoi (VNA) – The World Bank (WB) and the State Bank of Vietnam (SBV) on October 1 inked a grant agreement worth 2.2 million USD to implement a project aimed at strengthening the soundness and resilience of Vietnam’s banking sector. The grant, sponsored by the Swiss Government, is designed to improve SBV’s capacity in removing bottlenecks in the banking system’s structure. Under the agreement, the WB will provide technical assistance to launch reforms set in the Restructuring Plan of the Financial System 2016-2020 and the Development Strategy of Vietnam Banking Sector to 2025. At the ceremony, WB Country Director for Vietnam Ousmane Dione said a sound banking system is of great significance to the sustainable economic development of a country. By sharing experience in the development of the system, the WB could help the SBV to successfully launch its structural reforms, he added. The WB will team up with the SBV … [Read more...] about World Bank project to strengthen banking sector’s soundness
WB, Switzerland support Vietnam’s efforts to enhance banking sector
The project aims to strengthen the soundness and resilience of the banking sector by enhancing the capacity of the State Bank of Vietnam (SBV) to address structural weaknesses in the banking system. Specifically, the World Bank will provide technical assistance to implement reforms laid out under the Banking Restructuring Plan 2016-2020 and the subsequent 2025 Banking Sector Strategy. “A healthy banking sector, which is the largest segment of Vietnam’s financial system, is fundamental to the country’s sustainable economic growth. By bringing in world-class expertise in banking sector development, we hope that we can support SBV in successfully implementing the structural reforms they are committed to deliver”, said Ousmane Dione, WB Country Director for Vietnam. Challenges of the banking sector include issues of asset quality, weak capitalization and regulatory constraints that inhibit further investment in the sector. In addition, Vietnamese banks have … [Read more...] about WB, Switzerland support Vietnam’s efforts to enhance banking sector
Vietnam’s economic outlook positive in medium term: WB
Hanoi (VNA) – The medium-term outlook for the Vietnamese economy is broadly positive despite persistent downside risks, the World Bank (WB) said in its East Asia and Pacific Economic Update released on October 10. In the report, themed “Weathering Growing Risks”, Vietnam’s GDP expansion is projected to decelerate from 7.1 percent in 2018 to 6.6 percent in 2019, reflecting slower export growth and weaker agricultural production growth. Growth is expected to further moderate in 2020 and 2021 to a more sustainable pace of 6.5 percent, in line with potential output. Over the forecast horizon, inflation is predicted to stay below the government’s 4 percent target, and the current account is estimated to sustain a smaller surplus, according to the WB. The report added Vietnam remains susceptible to changing global economic conditions, given its high trade openness and relatively limited fiscal and monetary policy buffers. An escalation of trade … [Read more...] about Vietnam’s economic outlook positive in medium term: WB
WB, UNICEF call for efforts to address child undernutrition in Vietnam
The WB and UNICEF reaffirm their strong commitments to work with the Government to handle undernutrition among Vietnamese children. (Photo: congthuong.vn) Hanoi (VNA) – The World Bank (WB) and the United Nations Children’s Fund (UNICEF) have called for solid steps to handle undernutrition among Vietnamese children, and reaffirmed their strong commitments to work with the Government in this issue as the country is building its socio-economic development strategy for 2021-2030. WB Country Director for Vietnam Ousmane Dione said: “The stakes are high – stunting will continue to affect one in every four Vietnamese children, permanently impairing their development and squandering their potential contribution to the economy, unless proper interventions are conducted during a child’s first two years of life”. He said the stakes are even higher for children from ethnic minorities who are disproportionately affected and have fewer resources. Meanwhile, … [Read more...] about WB, UNICEF call for efforts to address child undernutrition in Vietnam