The World Bank (WB) and the State Bank of Vietnam on July 15 signed in Hanoi a credit worth US$100 million to help improve the capacity of Vietnamese governmental agencies.

The amount will help the agencies to make plans and prepare for public investment.

WB Country Director Victoria Kwakwa said raising the speed and quality of project preparation will help implementation progress with capital disbursement, and bring socio-economic benefits to recipients.

A project preparation facility is expected to be launched from October this year and run until October, 2015.

Finance for the facility will be sourced from the International Development Association, WB capital to assist low-income countries.

Victoria Kwakwa also said that with increasing demand for socio-economic development projects, the facility is designed to improve quality of inflow, shorten time of project preparation and enhance the capacity of governmental agencies as well as consultants.