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The $14.4 million loan is meant for the multi-objective rural development project of Da Bac district, Hoa Binh northern province.
Addressing the signing ceremony, Deputy Finance Minister Truong Chi Trung thanked the Kuwaiti Government, people and Fund for Arab Economic Development for their support and expressed the wish to maintain cooperation with them in the future.
The Finance Ministry, on behalf of the Vietnamese Government, will do their utmost to help the Hoa Binh province implement the project on schedule in an effort to maximise its effectiveness.
Up to now, the Kuwait fund has provided Vietnam with 39 million Dinars (approximately $140 million) in loans for nine projects.
These loans, used for infrastructure building projects in rural provinces, have contributed to the localities’ economic development and poverty reduction objectives.
Many projects have proven effective such as the Dau Tieng and Van Dinh irrigation systems, and Dac Ta-Ngoc Linh road.