The Saudi Fund for Development (SFD) will provide two loans totalling about 28 million USD for two infrastructure projects in Vietnam.
Signed by the SFD and the Finance Ministry in Hanoi on December 5, the loans will be used for a project to build a road connecting Dong Ha, Can Ty and Lao Va Chai communes in the northern mountainous province of Ha Giang, and another on rehabilitation of flood-affected areas in the central province 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 agreements reflects the existing fine relations as well as potential for development cooperation between Vietnam and Saudi Arabia in the time to come.
Run by the Saudi Arabian Government, SFD channels bilateral aid to developing countries, predominantly through grants and soft loans. The fund is currently operating in nearly 80 countries.
Through the SFD, Saudi Arabia has pledged to provide 85 million USD in loans for Vietnam in projects to upgrade infrastructure, develop human resources and build health facilities in difficult provinces and those vulnerable to disasters, including Nghe An, Ha Giang, Bac Kan, Quang Tri and Phu Yen.-VNA
Signed by the SFD and the Finance Ministry in Hanoi on December 5, the loans will be used for a project to build a road connecting Dong Ha, Can Ty and Lao Va Chai communes in the northern mountainous province of Ha Giang, and another on rehabilitation of flood-affected areas in the central province 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 agreements reflects the existing fine relations as well as potential for development cooperation between Vietnam and Saudi Arabia in the time to come.
Run by the Saudi Arabian Government, SFD channels bilateral aid to developing countries, predominantly through grants and soft loans. The fund is currently operating in nearly 80 countries.
Through the SFD, Saudi Arabia has pledged to provide 85 million USD in loans for Vietnam in projects to upgrade infrastructure, develop human resources and build health facilities in difficult provinces and those vulnerable to disasters, including Nghe An, Ha Giang, Bac Kan, Quang Tri and Phu Yen.-VNA
