The Asian Development Bank (ADB) and the Vietnamese Government on December 29 signed three loans totaling US$60.5 million, confirming their efforts to step up cooperation in 2009 forecast to be another difficult year as a consequence of the global economic slowdown.

Signatories to the loan agreements were the State Bank of Vietnam’s Governor Nguyen Van Giau and ADB Country Director for Vietnam Ayumi Konishi.

Three loans were the Support for the Implementation of the Poverty Reduction Program (US$25 million), the Supplementary Loan for Emergency Rehabilitation of Calamity Damages project (US$25.5 million) and the Development of the Tourism Sector in Greater Mekong Subregion project (US$10 million).

“2008 was a very difficult year for Vietnam, and I believe the Government has done extremely well, particularly in controlling inflation and reducing trade deficit,” said Konishi said the signing ceremony. “Given the global economic downturn, however, 2009 will be another difficult year, but the Asian Development Bank will continue to give strong support to the Government and people of Vietnam.” (VOV)