HANOI, Aug. 23 (Xinhuanet) -- The Asian Development Bank (ADB) has approved a plan for 2005-06, in which it will provide loans totaling 776 million US dollars to Vietnam, the ADB Hanoi Office announced on Monday.

    ADB Country Director Bradford Philips said the bank's decision was based on Vietnam's satisfactory prospect of development in theshort and medium terms. Vietnam, lying between two major markets of Southeast Asia and China with plentiful natural resources and skilled human resources, has great potential in economic development and poverty reduction.

    ADB said the sum will be spent on projects to improve living conditions and infrastructure facilities for the central region, to upgrade electricity networks, to promote small-and medium-sized enterprise development and the development of science and technology for the agricultural sector.

    The loans will also support three inter-regional projects on control of transmitted diseases, developing the Kunming (China)-Lao Cai (Vietnam)-Hai Phong corridor, and upgrading the rail routefrom Hanoi to Lao Cai.

    Beside the loans, ADB plans to provide 5 million US dollars a year to technical assistant programs. Enditem