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Saudi Arabia funds infrastructure projects in Vietnam

The Saudi Fund for Development (SFD) will provide two loans totalling about 28 million USD for two infrastructure projects in Vietnam.
The Saudi Fund for Development (SFD)will provide two loans totalling about 28 million USD for twoinfrastructure projects in Vietnam.

Signed bythe SFD and the Finance Ministry in Hanoi on December 5, the loans willbe used for a project to build a road connecting Dong Ha, Can Ty and LaoVa Chai communes in the northern mountainous province of Ha Giang, andanother on rehabilitation of flood-affected areas in the centralprovince of Nghe An.

The two projects, once completed, are expected to help improve living standards for local people.

The ministry said that the signing of the two loan agreementsreflects the existing fine relations as well as potential fordevelopment cooperation between Vietnam and Saudi Arabia in the time tocome.

Run by the Saudi Arabian Government, SFDchannels bilateral aid to developing countries, predominantly throughgrants and soft loans. The fund is currently operating in nearly 80countries.

Through the SFD, Saudi Arabia haspledged to provide 85 million USD in loans for Vietnam in projects toupgrade infrastructure, develop human resources and build healthfacilities in difficult provinces and those vulnerable to disasters,including Nghe An, Ha Giang, Bac Kan, Quang Tri and Phu Yen.-VNA
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