ADB To Lend Vietnam $72 Million Loan For Infrastructure Development

HANOI -(Dow Jones)- The Asian Development Bank said Friday it has signed an agreement with the government of Vietnam for a $72 million loan to develop infrastructure in the country’s northern province of Thanh Hoa.

The loan will be used to fund a $118-million project to develop and upgrade urban infrastructure and services in the province, 150 kilometers south of Hanoi, the bank said.

The 32-year loan bears an annual interest of 1% for the first eight years and 1.5% for the rest of the term.

The bank has also agreed to provide a grant of $2 million to the province to improve its water-supply system.

ADB said South Korea’s Eximbank is also providing a $32.7-million loan to Vietnam build an 11-kilometer road in the province.

-By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@ dowjones.com

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ADB lends Vietnam US$72m

HANOI – The Asian Development Bank (ADB) said on Tuesday it had lent Vietnam US$72 million (S$108 million) to upgrade health services in parts of the country, including several poverty-stricken provinces.

The project will help build or upgrade 20 hospitals and five district preventive medicine centres in provinces stretching from central Danang city to Binh Thuan province near southern Ho Chi Minh City, said the ADB.

The 32-year project, which will also receive eight million US dollars from the Vietnam government, will include a training school for nurses and paramedics and also fund new water, sanitation and medical waste management systems.

The south-central coastal region is home to nine million people, including about 500,000 from ethnic minorities. Four of the provinces have poverty levels above the national average of 19.5 per cent, said the ADB. — AFP

ADB lends Vietnam US$72m

World Bank lends Vietnam 60 mln dlrs to modernise central bank

A Vietnamese flag flutters next to giant advertisement billboard for ATM cards, in Hanoi

A Vietnamese flag flutters next to giant advertisement billboard for ATM cards, in Hanoi

HANOI (AFP) — The World Bank Friday said it was lending communist Vietnam 60 million dollars for a project to modernise its central bank with better training and technology.

The credit would help the State Bank of Vietnam and other institutions “to reform and modernise the financial sector by improving delivery of their main functions in line with international standards,” said the bank.

Much of the loan would be used “to build a modern, centralised information and communications technology platform to support the State Bank of Vietnam’s evolving role as a central bank,” the World Bank said in a statement.

The project would also help the Credit Information Centre and the Deposit Insurance of Vietnam with funding from the International Development Association, the Washington-based World Bank’s concessional arm.

“The project is aimed at contributing to the achievement of the government’s strategic goal of a stable and sound financial sector in Vietnam,” said Xiaofeng Hua of the World Bank’s East Asia and Pacific region.

“This effort is critical in ensuring Vietnam’s sustainable economic growth and continued progress in poverty reduction, especially at a time of global financial turbulence.”

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ADB lends Vietnam US$1.1 billion to build highway

The Associated Press
Saturday, September 27, 2008

HANOI, Vietnam: The Asian Development Bank has signed a deal to lend Vietnam US$1.1 billion to build a highway linking Hanoi with southern China, the most expensive project the bank has ever financed, a state newspaper reported Saturday.

The highway will link Hanoi with the Chinese city of Kunming and is expected to be completed in 2012, the Vietnam News said.

Speaking at Friday’s signing ceremony, Vietnam’s State Bank Governor Nguyen Van Giau said the project would help stimulate development and reduce poverty in northwestern Vietnam, one of the country’s poorest regions.

“The road will help boost trade between Vietnam northern provinces and China’s Yunnan province … and would partly fill the economic and social gap among regions,” he was quoted as saying.

Calls to the bank’s Hanoi office were not answered Saturday.

In December, ADB officials called the road project the “single biggest project financing in ADB’s history.”

The 151-mile (244-kilometer) highway will link Hanoi and the northern province of Lao Cai, which borders the Chinese province of Yunnan.

The highway will be a toll road that is expected to generate enough revenue to pay off the loans within a decade of opening, the ADB has said.

The new road will link companies in Kunming, the capital of Yunnan, to the Vietnamese ports of Hai Phong and Cai Lan.

Source: The Associated Press¦International Herald Tribune

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