Japan provides $700m loan for development

Japan will lend Viet Nam US$700 million as the first batch of its Official Development Assistance this year, the Japan International Co-operation Agency (JICA) said on Jan. 20.

The loan agreement, to be signed next Monday in Ha Noi, will be used to build the second phase of the Nhat Tan Bridge, the second phase of Nghi Son Thermo Power Plant and the 9th Poverty Reduction Supporting Credit.

It is part of a $1.76 billion commitment that Japan – the largest bilateral donor to Viet Nam – offered in 2011 as it announced at the Consultative Group Meeting in Ha Noi last December.

The agency also confirmed Viet Nam as the most important partner of Japan in its development and support strategy in Asia.

Last year, Japan's ODA reached over $2 billion, including an $500 million of emergency aid to help mitigate the effects of the global economic crisis.

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