Vietnam: Terms in the Financing Agreement under Circular 123/2010/TT-BTC

Vietnam: Terms in the Financing Agreement under Circular 123/2010/TT-BTC (Illustration)

Article 2 Circular 123/2010/TT-BTC stipulates that the concepts and terms used in this Circular have the same meaning in the Financing Agreement in Vietnam and are understood as follows:

- “International Development Association”: A member organization of the World Bank Group (WB).

- “Project”: The Poverty Reduction Project in the Northern Mountainous Provinces (Phase II) approved by the Ministry of Planning and Investment under Decision No. 116/QD-BKH dated January 22, 2010 and Decision No. 577/QD-BKH dated April 21, 2010 regarding the adjustment and supplementation of the approval decision of the feasibility study report of the Poverty Reduction Project in the Northern Mountainous Provinces (Phase II).

- “Supervisory Authority of Project”: The Ministry of Planning and Investment, People's Committees of Dien Bien, Hoa Binh, Lao Cai, Lai Chau, Son La, and Yen Bai provinces, (hereinafter referred to as project implementing provinces) for each part of the project conducted by the Ministry of Planning and Investment and the project provinces.

- “Investor”: The Central Project Coordination Unit (under the Ministry of Planning and Investment), Department of Planning and Investment or Provincial Project Management Board, District Project Management Board, Community Development Board (under the project implementing provinces).

- “Central Project Coordination Unit”: An entity established according to the decision of the Ministry of Planning and Investment, with responsibilities and authority defined in the establishment decision.

- “Provincial Project Management Board and District Project Management Board”: Entities established according to the decision of the People's Committees of the project implementing provinces, with responsibilities and authority defined in the establishment decisions.

- “Communal Development Board”: An entity established according to the decision of the People's Committees of the districts under the project implementing provinces based on the guidelines of the Ministry of Planning and Investment and Provincial People's Committees, with responsibilities and authority defined in the establishment decisions.

- “Expenditure control authority”: The system of State Treasury (KBNN).

- “Bank for Project”: The Vietnam Bank for Agriculture and Rural Development (VBARD).

More details may be found in Circular 123/2010/TT-BTC effective from October 3, 2010.

Nguyen Phu

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