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Viet Nam, South Korea sign new ODA loan agreements

Update: July, 10/2014 - 08:26
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HA NOI (VNS) — The Ministry of Finance and the Export-Import Bank of the Republic of Korea (RoK) signed two official development assistance (ODA) loan agreements worth US$162 million in Ha Noi yesterday.

Of the money, $117 million will be spent on the construction of the Hung Ha Bridge to connect the northern provinces of Hung Yen and Ha Nam, while the rest will be spent on upgrading the Ha Noi University of Pharmacy into a national university that meets regional standards.

The interest rate on the loans is 0.1 per cent over 40 years.

The loans are part of a framework agreement worth US$1.2 billion committed by the RoK Government for Viet Nam between 2011 and 2015.

From 2008-2011, the RoK provided some $1 billion for Viet Nam to implement projects in the fields of transport, healthcare and vocational training. — VNS

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