World Bank to provide US$395 million funding support

The World Bank expects to support 11 projects in Laos at a cost of about US$395 million over the years 2022-2026.
Collaboration between Laos and the World Bank will focus on three areas: promoting green growth, investment in human resource development, and environmental protection.
To date, the World Bank has provided a total of US$785 million for 27 projects including a US$681 million low interest loan and US$104 million in grants.

A report on funding was presented on Tuesday when the World Bank Group’s Country Director for Myanmar, Cambodia and Laos, Ms Mariam Sherman, began her first visit to Laos, meeting Minister of Planning and Investment Mr Khamjane Vongphosy to discuss future areas of cooperation.
Mr Khamjane suggested that the World Bank continue to encourage and restructure Laos to achieve targets and anticipated plans, and asked the World Bank to continue to provide funding for skill development for state officials, as well as training in related sectors.
He also asked the World Bank to provide funding support to mitigate the effects of natural disasters and the Covid-19 pandemic, saying Laos has been severely affected by these issues.
“Thank you to the World Bank for its continuing support and assistance, especially for the implementation of the government’s socio-economic development plans which are closely linked to the strategic cooperation plan formulated between the government and the World Bank for 2017-2021, with the plan to continue for the period 2022-2026,” he added.
The strategic cooperation plan for 2017-2021 deepened health, infrastructure, education work, environmentally-friendly agricultural work, environmental work and social work, as well as benefitting small and medium enterprise development, and the management and administration of the state budget, Mr Khamjane said.
Funding support has also continued the work of strengthening other institutions for the sustainability of work implementation, environmental and societal protection, women’s participation, gender-related activities, and other areas, he added.
On Wednesday, Ms Sherman also met with the Minister of Finance, Mr Bounchom Ubonpaseuth.
During her discussions with the finance minister, Ms Sherman gave updates on the next World Bank Group Country Partnership Framework for Laos.
The framework defines how Laos and the World Bank Group will work together from 2022 through 2026.
She emphasised the World Bank’s readiness to support the National Agenda to Address Economic and Financial Difficulties, for example by providing technical advice on debt and dealing with the economic challenges caused by the Covid-19 pandemic and the war in Ukraine.
Mr Bounchom and Ms Sherman exchanged views on World Bank technical assistance for debt management and the implementation of performance and policy actions to improve transparency and financial sustainability.
They further discussed World Bank programmes supporting the Ministry of Finance, including public financial management and the modernisation of customs systems, along with the need for continued attention to human capital – health and education support – for Laos’ future economic growth.
This week Ms Sherman will also meet the Minister of Planning and Investment before travelling to the north for a tour of three provinces. Next week she will visit Borikhamxay and Khammuan provinces before returning to Myanmar.

By Times Reporters
 (Latest Update May 5, 2022)