WB to Lend Vietnam Bank US$50Mln for HCMC Infrastructure Development Fund
The World Bank will provide a US$50 million loan for the Bank for Agriculture and Rural Development (Agribank) to contribute the Ho Chi Minh City infrastructure development fund, the local newspaper Nguoi Lao Dong (Laborer) said Thursday.
The Vietnamese Ministry of Finance will refinance the loan at an interest rate of 4 per cent for the 25-year term to the fund in Vietnam dong.
The fund will help meet the city’s increasing capital demand and encourage the private sector to invest in the city infrastructure development.
The city authorities said they needs more than VND50 trillion (US$3.1 billion) for its major transport infrastructure projects between now and 2010. (Laborer,
www.vietstock.com.vn))
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