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Bank lifts poor from poverty   2008-09-09 - VNS

Household representatives in Ba Vi District in Ha Noi complete procedures required to borrow money for their children who are students.— VNA/VNS Photo Tran Viet

HA NOI — Deputy Prime Minister Nguyen Sinh Hung praised the Social Policy Bank for helping many poor escape from poverty in the past five years.

He stressed that more efforts were needed to expand the model in the time to come.

Hung made the remark at a meeting when the bank reviewed its five year operation and received the Independence Order, third class, in the capital yesterday.

A bank report said its total capital had increased to VND45,000 billion (US$2.8 billion), representing a five-fold increase on the figure recorded at the end of 2002.

The average growth of outstanding loans is about 38 per cent a year. The average loan to poor households has increased from VND2.5 million ($156) to VND7 million ($437).

The bank’s outstanding debts were reduced to 2 per cent last year from more than 13 per cent in early 2003.

Ninety per cent of the bank’s capital has been lent to the poor, students and used for job creation.

More than 95 per cent of the bank capital has been put into use; and more than 95 per cent of loan interests have also been recorded.

The bank has also been able to raise its management abilities over projects targeted at poverty alleviation.

It has managed eight projects with a total investment capital of 13 million euro and US$53,524 million since 2003. The bank has also received 13 technically assisted projects from different foreign governments and international financial organisations.

Governor of the State Bank of Viet Nam and president of the Social Policy Bank’s Management Board Nguyen Van Giau told participants at the meeting that the bank would continue to support the poor, students and people subjected to social welfare policy.

Giau said the bank would coordinate with ministries, industries, and organisations to find measures for poverty alleviation, especially in 61 districts nation wide where poor households accounts for more than 50 per cent.

At present, it is intensifying efforts to stabilise the macro-economy, curb inflation and ensure social welfare.

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