Japan lends $306m for key infrastructure

Japan has agreed to loan 28.4 billion yen (US$306.7 million) to Viet Nam for infrastructure development and environmental protection in the first phase of the fiscal year of 2010.

Some 14 billion yen ($151 million) will be used to finance projects in the East-West Corridor, 3 billion yen ($46.7 million) will go on environmental improvements in HCM City and 10 billion yen ($107 million) on mitigating the effects of climate change.

Speaking at the signing ceremony, Vo Hong Phuc, Minister of Planning and Investment, said the loan would help Viet Nam complete key infrastructure projects that were an important part of the country's socio-economic development.

Representatives from the Ministry of Finance and the Japan International Co-operation Agency will sign detail agreements on the three projects at a later date.

The total amount of official development assistance since 1992 granted by Japan now stands at 1.58 trillion yen ($17.1 billion).

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