The Governor of the State Bank of Vietnam (SBV) issued Decision No. 1324/QĐ-NHNN on July 5 to appoint the Vietnam Bank for Agricultural and Rural Development (VBARD), the Vietnam Joint-Stock Commercial Bank for Industry and Trade (Vietinbank) and the Joint – Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) as the service banks for the Medium Cities Development Project funded by the World Bank (WB).
The Project was signed under Credit Agreement No. 5031-VN by the Socialist Republic of Vietnam and the WB on January 12, 2012. In particular:
VBARD is appointed as the service bank for Part A – Lao Cai City of Lao Cai Province;
Vietinbank is appointed as the service bank for Part B – Phu Ly City of Ha Nam Province;
Vietcombank is appointed as the service bank for Part C – Vinh City of Nghe An Province;
The General Directors of VBARD, Vietinbank and Vietcombank are responsible for providing banking services to the Project in line with Decree No.131/2006/ND-CP on ODA management, and the guidelines of the SBV, the Ministry of Finance, and the WB.
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