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Saudi Arabia loans $28m for VN road projects

Update: December, 05/2013 - 08:00
The first loan, for $12 million, will be used for the construction of roads in Lao Va Chai, Can Ty and Dong Ha communes in the northern mountainous province of Ha Giang.— File Photo
HA NOI (VNS)— Viet Nam yesterday signed two new loan agreements worth a total of US$28 million with Saudi Arabia for road construction and rehabilitation of flood-affected areas.

Vice-president of the Saudi Arabia Fund for Development Muhammad Suliman AlOraify and director of the Vietnamese Ministry of Finance's Debt Management and External Finance Department Nguyen Thanh Do signed the agreements.

The first loan, for $12 million, will be used for the construction of roads in Lao Va Chai, Can Ty and Dong Ha communes in the northern mountainous province of Ha Giang.

Vice-president of the Saudi Arabia Fund for Development Muhammad Suliman AlOraify and director of the Vietnamese Ministry of Finance's Debt Management and External Finance Department Nguyen Thanh Do signed the agreements.—VNA/VNS Photo Hoang Hung

The second loan, worth $16 million, will be used to help rehabilitate flood damaged areas in central Nghe An Province.

So far, Saudi Arabia has funded six projects in Viet Nam totally worth $84.8 million. Last year, it agreed on loans for two roads linking central Quang Tri and Phu Yen provinces.

Another two projects were signed in 2011 to build a general hospital and healthcare centre in northern Bac Kan Province and a vocational training centre in central Ninh Thuan Province. — VNS

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