The Ministry of Finance signed an agreement with the Kuwait Fund for Arab Economic Development (KFAED) on December 19 to borrow more than US$9 million (VND212 billion) for a project to develop coastal infrastructure in response to the effects of climate change in Thai Binh Province.
Deputy Minister of Finance Tran Xuan Ha said the project is very important to Thai Binh Province as the locality is being seriously affected by climate change. It will help to ensure that the province can mitigate the effects of climate change and enhance infrastructure for business production.
He affirmed that Vietnam is committed to using the loan effectively.
Hesham Al-Waqayan, Vice Director General of KFAED, said he hopes that the project will contribute to improving local living standards in response to climate change.
He declared that the Fund is willing to finance development projects in Vietnam.
Agreements on a range of projects are being negotiated between the KFAED and Vietnam, including one in Xin Man district, northern Ha Giang Province with the aim of enhancing the quality of local people's lives, said Mr Al-Waqayan.
The Fund has provided loans totaling nearly US$169 million (VND3,845 billion) for 14 projects in Vietnam, mainly in rural infrastructure like small irrigation and transportation projects in poor provinces. To date, many projects have been successfully come into operation such as the Dau Tieng and Dan Dinh irrigation projects, and the Dac Ta-Ngoc Linh and Phu Thong-Khang Ninh roads.VOV