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ADB helps socio-economic development in Thanh Hoa
72 million USD loan to help develop and upgrade key urban infrastructure and services in the city of Thanh Hoa.
An agreement to this effect was signed in Thanh Hoa on April 17 by Governor of the State Bank of Vietnam Nguyen Van Giau and ADB Country Director Ayumi Konishi.
The ADB loan will finance a large portion of Thanh Hoa city's 115 million USD Comprehensive Socio-economic Development Project. EXIMBANK of the Republic of Korea will give 32.7 million USD.
The project is part of a nationwide government plan to promote sustainable development in Vietnam's mid-sized cities.
The loan will facilitate road and bridge construction and rehabilitation, the replacement of damaged water pipes, improvements to sanitation facilities, and upgrades to a museum and other key tourism sites.
The project is expected for completion in December 2014.
Speaking at the signing ceremony, ADB Country Director Ayumi Konishi expressed his hope that implementing the project, Thanh Hoa will become a model for urban development projects in Vietnam in the future.
ADB will also provide a 2 million USD of non-refundable aid through its Water Financing Partnership Facility (WFPF) to help the Water Supply Company, the Urban Environment Company of the city improve their capacity and attract more investment in order to bring about better services.
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