Hoi An offers businesses $22.5 million loan guarantee

The Hoi An People’s Committee decided Friday to offer loan guarantees worth nearly VND400 billion (US$22.5 million) in total to investors and contractors for key projects in the historic port town.

Accordingly, the committee will pay debts and interest rates for borrowers that default on loans intended to invest in projects requiring compensation for site clearance and resettlement projects.

Businesses engaged in construction projects would be provided with funds to pay debts but must pay interest rates by themselves.

The town government in the central province of Quang Nam is expected to spend about VND100 billion a year paying businesses’ bank loans.

 Hua Xuyen Huynh

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