At the signing ceremony (Photo VNA)

Hanoi (VNA) –
The Ministry of Finance and the Kuwait Fund for Arab Economic Development (KFED) signed a loan agreement on December 19 to develop infrastructure in coastal areas in Thai Thuy district of the northern province of Thai Binh.

Deputy Minister of Finance Tran Xuan Ha said the over 9-million-USD loan is significant to Thai Binh – one of the localities in Vietnam bearing the most brunt of climate change.

The project is expected to help the province increase business production, he added.

Vietnam pledged to direct relevant ministries and management agencies to make the most efficient use of the loan, he affirmed.

Deputy Director General at KFED Hisham Al-Waqayan said the Kuwait Fund is willing to sponsor development projects in Vietnam.

The two sides are discussing to sign other projects in the coming time, including one in the northern mountainous province of Ha Giang, which aims to improve local living standards.

To date, Kuwait Fund has supported loans for Vietnam to carry out 14 projects worth nearly 169 million USD, focusing on improving rural infrastructure for poor provinces such as roads and irrigation networks.-VNA