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Saudi Arabia provides $37m towards rural infrastructure
The Saudi Arabian Government has agreed to invest US$37 million in two infrastructure projects in Quang Tri and Phu Yen provinces.
The decision was specified in a letter sent to Finance Minister Vuong Dinh Hue by his Saudi counterpart via Saudi Arabian Ambassador to Viet Nam Salah Ahmed Sarhan yesterday.
Accordingly, the Quang Tri road connecting Thach Kim – Hien Hoa – Lam Thuy – Ben Quan communes will receive investment of $22.6 million in official development assistance (ODA).
The road linking the communes of Xuan Phuoc – Ky Lo – Phu Hai in Phu Yen Province, in turn, will obtain $14.5 million in ODA.
Capital for the two projects is drawn from the Saudi Fund for Development.
At the meeting with the ambassador yesterday, the Finance Minister praised the fund for assessing Viet Nam projects actively.
He also asked Saudi Arabia to increase its sponsorship and investment for infrastructure development in Viet Nam's poor provinces as well as health and education projects.
Last November, a representative of the Saudi Fund and the Ministry of Finance signed two agreements, in which the fund provided $14.5 million and $11 million loans to the northern mountainous province of Bac Kan's general hospital and healthcare centre and the southern province of Ninh Thuan's vocational training centre respectively.
Starting operations in 1975, the Saudi Fund for Development aims to stimulate economic growth in developing nations. It now contributes to the financing of 3,750 projects in 71 countries, consisting of 41 African countries, 25 Asian countries and five countries in other parts of the world.
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