|Representatives of BIDV and SMIDB sign an agreement on a US$30 million loan in Myanmar on November 19. — Photo: VNA
HA NOI (VNS)— The Bank for Investment and Development of Viet Nam (BIDV) will lend US$30 million to Myanmar's Small- and Medium-sized Industrial Development Bank (SMIDB) over five years.
The two parties signed an agreement in principle on the financing in Myanmar's capital Naypyitaw on November 19.
According to a BIDV press release, SMIDB will use the loan to support small- and medium-sized enterprises, industrial development and poverty reduction policies of Myanmar.
Following a memorandum of understanding inked in June, the two sides have also exchanged experiences on the application of information technology and the implementation of trade finance and foreign exchange services. — VNS