(MENAFN- Qatar News Agency) Kuwait Fund for Arab Economic Development (KFAED) signed an agreement to loan Vietnam KD 4 million (USD 14.3 million) for a co-funded multi-purpose rural development project in the Da Bac district of northwestern Hoa Binh province, Kuwait news agency (KUNA) reported.
The agreement was initialed in the capital Hanoi by Deputy Minister of Finance Truong Chi Trung and the fund's Deputy Director General Hisham
Al-Wugaiyan, a KFAED statement said on Wednesday.
The loan would fund economic and social rural development and help combat poverty through developing rural infrastructure for 10 residential areas that are the poorest in Hoa Binh.
The work to be financed includes rehabilitating and stretching motorways and improving irrigation systems, as well as to enable offer of much needed services for schools, child-care centers, health centers, drinking water outlets, local commercial facilities, and some buildings that are to be used for social functions for some of these communities.
This agreement brings KFAED loans to Vietnam to an overall 11, the previous 10 loans amounting to some KD 36.3 million (USD 129.4 million) for projects in different sectors and regions.
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