(VOVworld) - The Asian Development Bank (ADB) has released a new partnership strategy which aims to help Vietnam implement its socio-economic development plan for 2016–2020.

Eric Sidgwick, ADB Country Director for Vietnam said at a press conference on Tuesday that the Vietnam Country Partnership Strategy (CPS) was developed in the context of Vietnam’s impressive economic and social gains. Attaining lower-middle income status in 2010, the country has recorded rapid progress in poverty alleviation, healthcare and education. But Vietnam is facing new and more complex challenges, including the impact of climate change and the development gaps between regions. Mr. Sigwick said: “Over the next 3 or 4 years, ADB will be in the position to lend approximately 1 billion USD a year to support all of 3 pillars over the CPS period. ADB will continue to provide direct technical assistance and grants each year to help the government to prepare better quality projects and assure that these projects are implemented efficiently. We will also pay a bit focus on mobilizing co-financing. At present, we have approximately 1.4 billion USD in co-financing to support investment pipeline that is attached to our CPS.”

The ADB marks its 50^th founding anniversary and the 25^th anniversary of its strategic partnership with Vietnam this year.