World Bank's Vice President for East Asia and Pacific, James W. Adams, recently visited Laos and met with Deputy Prime Ministers Somsavad Lengsavath and Thongloun Sisoulith. He visited several development projects and congratulated the Lao government on its commitment to achieve progress in such areas as poverty reductions and economic growth.
However, he said that only serious reforms toward good governance, in natural resources management, public financial management, and private sector development will help Laos get out of poverty by 2020. He urges the government to play a vital role in promoting quality investments in hydropower and mining to ensure that returns from such investments benefit the Lao people.
The World Bank currently has 16 on-going loan and grant projects in Laos, worth $243 millions, and has earmarked at least $81 millions for assistances to Laos for 2007-08.
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