Decision No. 264/QD-NH21 stipulates the management and use of recycled loan funds of the Vietnam Agricultural and Rural Development Bank within the framework of the Bank Modernization and Payment System Project. This Decision applies to the Vietnam Agricultural and Rural Development Bank, the Bank Project Management Board, the Financial Accounting Department, and related units of the State Bank of Vietnam.
Scope of application
The Vietnam Agricultural and Rural Development Bank, the Bank Project Management Board, the Financial Accounting Department, and related units of the State Bank of Vietnam
Key points
- The Vietnam Agricultural and Rural Development Bank is permitted to recycle a credit equivalent not exceeding 10,000,000 USD from World Bank loan funds.
- The General Director of the Vietnam Agricultural and Rural Development Bank is responsible for the validity of the withdrawal request and accompanying documents, and for implementing withdrawals through the Bank Project Management Board.
- The Vietnam Agricultural and Rural Development Bank contributes 65,500 USD to the State Bank of Vietnam to hire consulting experts to support overall project management.
- The Financial Accounting Department is responsible for guiding the Bank Project Management Board in accounting for the implementation of recycled loans, debt collection, interest collection, and repayment to the World Bank.
- This Decision takes effect fifteen days from the date of signing.
🌐 Social impact of this document
- The Vietnam Agricultural and Rural Development Bank will be provided additional capital to modernize its operations, thereby improving service quality for customers.
- Consulting experts supporting overall project management can enhance the management efficiency of the State Bank of Vietnam.
❓ Frequently asked questions
How much money can the Vietnam Agricultural and Rural Development Bank borrow?
The Vietnam Agricultural and Rural Development Bank is permitted to recycle a credit equivalent not exceeding 10,000,000 USD from the World Bank.
What does the General Director of the Vietnam Agricultural and Rural Development Bank need to do?
The General Director must ensure the validity of the withdrawal request and accompanying documents, and implement withdrawals through the Bank Project Management Board.
How much does the Vietnam Agricultural and Rural Development Bank contribute to the State Bank?
The Vietnam Agricultural and Rural Development Bank contributes 65,500 USD to hire consulting experts to support overall project management.
What responsibilities does the Financial Accounting Department have?
The Financial Accounting Department is responsible for guiding the Bank Project Management Board in accounting for the implementation of recycled loans, debt collection, interest collection, and repayment to the World Bank.
When does this Decision take effect?
This Decision takes effect fifteen days from the date of signing.
Full text
Pursuant to …;
Regarding the management and utilization of the revolving loan funds of the Vietnam Agricultural and Rural Development Bank within the framework of the Modernization of Banking and Payment System Project
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the State Bank Law dated May 23, 1990;
Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;
Pursuant to Decision No. 531/TTg dated July 12, 1997 of the Prime Minister on investment in the Modernization of Banking and Payment System Project;
Pursuant to the Development Credit Agreement No. 2785 VN signed between the Socialist Republic of Vietnam and the World Bank on January 16, 1996;
Pursuant to the World Bank's Project Appraisal Report No. 14823-VN dated October 25, 1995;
Pursuant to Circular No. 3365 UB/VPTĐ dated September 30, 1995 of the Chairman of the State-Level Appraisal Council submitting the Feasibility Study Project for the Modernization of Banking and Payment System to the Prime Minister for approval;
Pursuant to the World Bank's letter to the Governor of the State Bank of Vietnam dated July 25, 1997 regarding the detailed allocation of costs under Credit Line 2785-VN;
Based on the proposal of the Head of the Bank Projects Management Board,
Pursuant to …;
Article 1. The Vietnam Agricultural and Rural Development Bank is hereby authorized to borrow a portion of the credit amounting to not more than 10,000,000 USD (ten million US dollars) from the World Bank's loan fund within the framework of the Modernization of Banking and Payment System Project to invest in the sub-project for the Modernization of the Vietnam Agricultural and Rural Development Bank.
Article 2. In accordance with the approved withdrawal plan and bidding plan, the General Director of the Vietnam Agricultural and Rural Development Bank shall proactively implement the withdrawal of funds through the Bank Projects Management Board in compliance with the current regulations of the World Bank on disbursement for the Project. The General Director of the Vietnam Agricultural and Rural Development Bank shall be responsible for the validity of the withdrawal request and accompanying documents. The Head of the Bank Projects Management Board shall be responsible for implementing disbursements according to the requirements of the General Director of the Vietnam Agricultural and Rural Development Bank in accordance with the World Bank's disbursement regulations and procedures.
Article 3. The Vietnam Agricultural and Rural Development Bank shall be responsible for contributing an equivalent amount of 65,500 USD (sixty-five thousand five hundred US dollars) from the revolving loan funds specified in Article 1 above to the State Bank of Vietnam to hire consulting experts to support the Bank Projects Management Board in managing the overall project.
The Head of the Bank Projects Management Board shall be responsible for managing and utilizing the aforementioned contribution fund in accordance with the provisions of the Development Credit Agreement, the Feasible Project, the Investment Decision of the Prime Minister, and other legal documents governing investment and construction management, and foreign debt management of the state.
Article 4. The Accounting and Finance Department shall be responsible for guiding the Bank Projects Management Board in accounting for the implementation of the revolving loan, collection of principal and interest, and repayment to the World Bank.
Article 5. This Decision shall take effect fifteen days from the date of signing. The Governor's Office Chief, the Head of the Bank Projects Management Board, the Chairman of the Board of Directors of the Vietnam Agricultural and Rural Development Bank, the General Director of the Vietnam Agricultural and Rural Development Bank, and the Heads of relevant units under the State Bank of Vietnam shall be responsible for enforcing this Decision.
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