Vietnam to Borrow $97M from ADB for Infras. Project in Central Region

Vietnam’s Prime Minister Nguyen Xuan Phuc has approved a proposal to get $97 million worth of loan from the Asian Development Bank (ADB) for a project to improve infrastructure system in four central provinces. The PM assigned the People’s Committee of Nghe An, Ha Tinh, Quang Binh, and Quang Tri to ensure reciprocal capital for the project by themselves. The provinces need to review and select prioritized parts in order to ensure efficiency, he noted. The Ministry of Finance must define domestic financial mechanisms for the project while the Ministry of Planning and Investment has to work with related agencies to appraise a report on the project for submission to the government for consideration in January. Earlier in February, ADB signed a memorandum of understanding (MoU) to provide a $97 million loan for the project, which will be carried out in six years since the bank has approved the loan from the Asian Development Fund (ADF). (baodautu.vn Dec 22, baohatinh.vn Dec 22, baochinhphu.vn Dec 22)