Coastal Infrastructure Development Project Ratified

The PM has just ratified a loan agreement for the Coastal Infrastructure Development project, which is sponsored by the OPEC Fund for International Development (OFID).

 

The sum, signed on March 7 by Deputy Finance Minister Truong Chi Trung and General Director of the OFID Suleiman Jasir Al-Herbish, totals US$ 21.5 million for 20 years with five years enjoying the grace period, and interest rate of 1.75 percent per year and 1 percent of service fee, which is calculated on the principal balance.

 

The aim of the project is to boost socio- economic development at rural areas through a series of small-scale projects which are to be deployed in two central provinces of Ha Tinh and Thanh Hoa.

 

The objectives of the project will be achieved through the expansion and upgrading of infrastructure: education, health, irrigation, transportation, and markets in the two mentioned provinces and through capacity enhancing activities. 

 

The PM has assigned the two provincial People’s Committees to complete all necessary procedures for the project such as planning, bidding and financial mechanism.

 

VGP