The Bank for Investment and Development of Vietnam (BIDV) will lend over 176 million USD to Laos to help the country develop its traffic infrastructure.

The State Bank of Vietnam has given permission to the bank to sign a credit contract with the Lao government, which plans to use the loan to implement road projects, other traffic works and for irrigation projects in Houaphanh and Luang Namtha provinces.

BIDV will also be responsible for arranging finances so as to be in accordance with foreign exchange and foreign debt management regulations of both countries, the bank said.-VNA