Laos, ADB partner to promote sustainable development

The new ADB country partnership strategy with Laos is aimed at accelerating development. - VT

VIENTIANE: Laos' Ministry of Planning and Investment and the Asian Development Bank (ADB) launched a new ADB country partnership strategy for Laos, which aims to strengthen foundations for a more inclusive, sustainable, and resilient economy in the country.

The new strategy, covering the period 2024-2028, is aligned with the Lao government's five-year National Socio-economic Development Plan for 2021-2025, Lao National Radio on Friday (May 24) quoted Deputy Minister of Planning and Investment Phonevanh Outhavong as saying.

The partnership strategy is a key tool for the Lao government and the ADB to cooperate in accelerating Laos' development to achieve commitments, including sustainable economic growth, environmental protection, and enhancing the well-being of Lao people by 2025 and beyond, said Phonevanh.

Under the strategy, ADB will closely collaborate with the Lao government to promote sustainable public finance, enhance equitable access to services, and advance climate actions.

The strategy introduces comprehensive measures to promote sustainable public finance, leveraging a mix of concessional lending, grants, technical assistance, and knowledge products.

The efforts aim to reinforce the government's capabilities in debt management, state-owned enterprise reform, and governance of public finances, thereby ensuring the effective and accountable use of public funds.

The strategy will provide significant investment and knowledge support across key sectors such as agriculture, natural resource management, pollution and waste management, and disaster risk management. - Xinhua

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Laos , ADB , development


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