China Development Bank Corporation (CDB) has committed to providing a loan of around 1.5 billion USD for Vietnam to develop housing for low-income earners.

A Memorandum of Understanding (MoU) to this effect was signed between Vietnam ’s Ministry of Construction and CDB in Hanoi on April 22.

The MoU is the first step for Vietnamese construction enterprises to access a reliable credit source, Minister of Construction Nguyen Hong Quan said.

CDB President Jiang Chaoliang said CDB set up a working group to study in Vietnam in 2006.

Working groups of both sides will discuss concrete measures for the implementation of the MoU.

CDB is China’s largest foreign currency lending bank with total assets of 700 billion USD, and loans worth 6 trillion Chinese Yuan and 150 billion USD./.