Strengthening the People's Credit Fund Network project

Backgrounder

The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced Canada’s support for a development initiative that will contribute to sustainable economic growth and improve the lives of Vietnam’s poorest and most vulnerable.

The Government of Canada is contributing $18.1 million over five years (2016-2021) to Développement international Desjardins’ Strengthening the People’s Credit Fund Network project.

Canada’s funding will help increase the access of farmers and rural businesses to affordable credit through Vietnam’s financial cooperatives sector. The initiative will provide training and expertise to the sector aimed at expanding its array of financial products and services that help clients strengthen their productivity and incomes.

Canada is committed to reducing poverty and increasing sustainable economic growth in Vietnam, including by improving the banking system and increasing access to agricultural financing.

Addressing the need for financial services in rural areas is important to stimulating private sector growth, especially in the agricultural sector, which employs 25 million farmers in Vietnam.

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