Business

Loan agreement with Kuwait Fund signed

The Ministry of Finance and the Kuwait Fund for Arab Economic Development signed a loan agreement in Hanoi on August 8.
The Ministry of Finance and the Kuwait Fund for Arab Economic Development signed a loan agreement in Hanoi on August 8.

The 14.4 million USD loan is meant for the multi-objective ruraldevelopment project of Da Bac district, Hoa Binh northern province .

Addressing the signing ceremony, Deputy FinanceMinister Truong Chi Trung thanked the Kuwaiti Government, people andFund for Arab Economic Development for their support and expressed thewish to maintain cooperation with them in the future.

The Finance Ministry, on behalf of the Vietnamese Government, will dotheir utmost to help the Hoa Binh province implement the project onschedule in an effort to maximise its effectiveness.

Up to now, the Kuwait fund has provided Vietnam with 39 millionDinars (approximately 140 million USD) in loans for nine projects.

These loans, used for infrastructure building projects in ruralprovinces, have contributed to the localities’ economic development andpoverty reduction objectives.

Many projects have proven effective such as the Dau Tieng and Van Dinh irrigation systems, and Dac Ta-Ngoc Linh road.-VNA
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