Vietnam borrows US$14million from Kuwait
By Hong Phuc - The Saigon Times Daily
HANOI – Vietnam borrowed a further US$14 million from the Kuwait Fund for Arab Economic Development (KFAED) to fund the Cha To-Muong Tung road project in Dien Bien Province.
Deputy Finance Minister Tran Xuan Ha and KFAED’s Deputy Director General Hesham Al-Waqayan signed an agreement to access the fund in Hanoi on Friday.
According to the Ministry of Finance, Vietnam has borrowed US$124 million to fund eight projects through KFAED so far.
Primarily, the fund provides loans for rural infrastructure projects, including transportation and irrigation systems in poor provinces.
Many KFAED-funded projects are finished already including irrigation systems in Dau Tieng and Van Dinh and Dac Ta-Ngoc Linh road.