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VietNamNews

Kuwait Fund to give loans for irrigation project

Update: March, 04/2015 - 13:09
Deputy Minister of Finance Truong Chi Trung (right) abd Deputy Director-General of the Kuwait Fund Hesham Al-Wagayan signed the loan agreement. — Photo www.mof.gov.vn

NAM DINH (VNS) — The finance ministry and the Kuwait Fund on Tuesday signed a loan agreement for a project to upgrade the irrigation system in the northern province of Nam Dinh.

The project has a total investment capital of about US$19 million, with $13.6 million in loans. It will focus on upgrading the irrigation infrastructure of two major channels in the coastal district of Hai Hau.

Addressing the agreement-signing ceremony in Ha Noi, Deputy Finance Minister Truong Chi Trung said that the Kuwait Fund has loaned Viet Nam $147.9 million so far for 12 projects.

These loans, used for infrastructure projects in rural provinces, have contributed to the localities' economic development and poverty reduction objectives, he added.

Several projects have yielded effective results, such as the Dau Tieng irrigational system in the southern province of Tay Ninh, the Van Dinh irrigation system and the Dac Ta-Ngoc Linh road. — VNS


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