The French Development Agency has agreed to lend Ho Chi Minh City €20 million (US$29.1 million) for infrastructure development following a deal signed Thursday between Minister of Finance Vu Van Ninh and French ambassador Jean Francios Girault.
Photo: Tuoi Tre
The money will be used to improve facilities for education, health care, and housing for low-income people and upgrade the waste collection and management systems.
The work is expected to cost a total of $140 million, with the rest of the money coming from public funds and private investors.
The Hochiminh City Finance and Investment State-owned Company, an investment fund established in 1996 to develop infrastructure, will be in charge of the project.
ADF is also providing two outright grants worth €1 million ($1.45 million) to the Hanoi University Medical Hospital and €1.5 million to the Federal Energy Regulatory Commission No.2 (FERC n°2), the agency that monitors the use of AFD aid to Vietnam.
ADF has committed aid worth €1.05 billion (US$1.53 billion) to the Vietnamese government for socio-economic development.