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- Line of Credit to the Vietnam Bank for the Poor
Line of Credit to the Vietnam Bank for the Poor
Vietnam
| Borrower | Vietnam |
| Financing Type | Public Sector |
| Instrument | Project Loan |
| Focus Area | Financial |
| Approved | 22.09.1998 |
| Signed | 22.04.1999 |
| Status | Completed |
| Loan Administrator | OPEC Fund |
| Executing Agency | Vietnam Bank for the Poor (VBP) |
| Co-financiers | VBP, Beneficiaries |
| OPEC Fund Contribution (US$m) | 10.00 |
| Total Project Cost (US$m) | 13.00 |
Since its inception in 1995, the VBP, a state-owned institution established to help with the Government's Poverty Alleviation Program, has implemented a number of credit programs in provincial communities. This line of credit helped widen the scope of operations, forming over 3,000 savings and credit groups, each with around 25 members. Each member was obliged to participate in a savings plan, and was eligible for small loans averaging $100, to be used to finance income-generating activities and thus securing an estimated 76,000 households with the means to improve their livelihoods and incomes.