Vietnam lowers ADB loans by US$250 million
The Saigon Times Daily
HCMC – Deputy Prime Minister and Foreign Minister Pham Binh Minh has approved a Ministry of Planning and Investment proposal to reduce Asian Development Bank (ADB) loans by US$252.9 million, Phap Luat newspaper reports.
The loan reduction results from long delays at four projects funded by the ADB. The Government Office recently wrote to relevant ministries and agencies announcing inspection results on ADB-funded projects.
Earlier, the Ministry of Planning and Investment and ADB dispatched a joint working group to check some projects carried out last year. The group found the four projects worth a combined US$1.37 billion have been slowly implemented.
A mere US$66 million, or less than 5% of the total sum, was disbursed for these projects which were four years behind schedule.
The projects are Metro Line 2 in HCMC, the Hanoi University of Science and Technology, the Nhon-Hanoi Metro Line, and the Water Sector Investment Program.