The Ministry of Education and Training is awaiting approval from the State President on a World Bank preferential loan of 85.4 million SDR (IMF’s monetary unit), roughly US$127 million, for a project to improve education quality.
The funding will support a State primary school reform programme to open classes for the same students all day every week-day in an effort to improve the academic records of primary school children and increase the rate of those finishing school, especially among disadvantaged children.
The WB loan has a term of 40 years, including a 10-year grace period, that offers interest rate of zero percent, service charge of 0.75 percent and commitment charges of at most 0.5 percent a year.
The agreement and legal documents related to the project have already been signed by the State Bank of Vietnam Governor Nguyen Van Giau and a WB representative.