THE SOCIALIST REPUBLIC OF VIET NAM
Government News
VN to ratify ADB borrowing agreement for irrigation in Central part
VNGOP - PM Nguyễn Tấn Dũng sent on April 12 a proposal to the State President to consider and approve the borrowing agreement to take loans from the Asia Development Bank (ADB) to finance the Central Vietnam Irrigation Project.
April 13, 2007 7:38 AM GMT+7
Acting as a proxy for the PM, State Bank Governor Lê Đức Thúy signed with the ADB National Director in
According to the signed agreement, the project is totally worth of US$ 99 million, including US$ 74.3 million lent by ADB for 32 years with a grace period of eight years. The annual interest rate is 1% in the grace period and 1.5% in the following years. The Vietnamese Government will provide a corresponding capital of US$ 24.7 million from central and local budgets. The project aims at poverty alleviation in six provinces of Thanh Hóa, Quảng Bình, Quảng Trị, Thừa Thiên-Huế, Quảng Ngãi and Bình Định.
By Xuân Hoàng