France provides 30.5 million EUR to rural economy

The French Development Agency (AFD) has decided to put up 30.5 million EUR to help Vietnam carry out a project in support of the private economic sector in rural areas and the people’s credit fund system.

Agreements to this effect were signed in Hanoi on Nov. 12 by Deputy Finance Minister Nguyen Cong Nghiep and AFD General Director Jean-Michel Severino and French Ambassador to Vietnam Herve Bolot.

Under the agreement on credit, 30 million EUR will be spent to provide mid- and long-term loans to farming households and small- and medium-sized enterprises operating in production in rural areas through the people’s credit fund system.

Meanwhile, 500,000 EUR will help the central and grassroots people’s credit funds improve their capacity in financial management, governance, supervision and assessment.

As of the signing of the two agreements, the AFD has committed to provide almost 900 million EUR in ODA to Vietnam since 1994.

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