The Bank for Investment and Development of Vietnam (BIDV) will cooperate with the Export-Import bank of the Slovakian Republic (Eximbanka SR) to provide credit for a Laotian pipeline project following a memorandum of understanding (MoU) signed by both sides on November 10.

According to the agreement, the project will have an estimated investment of 200 million USD, with 85 percent collected by Eximbanka SR from European financial institutions.

It includes the construction of a bonded warehouse and an oil-and-gas pipeline system running from Hon La Island in Vietnam’s central province Quang Binh to Khammouane province in Laos.

PetroLao, a petroleum company of Laos, is responsible for the project and can consult with BIDV if necessary.-VNA