Nhan Dan – More than US$147.2 million will be allocated for developing Vietnam's economic corridors in the Greater Mekong Subregion (GMS).
The funding is pursuant to a Memorandum of Understanding (MoU) signed between the Asian Development Bank (ADB) and representatives from the Quang Tri and Tay Ninh provincial People's Committees on April 24.
Under the MoU, the ADB will provide loans and non-refundable aid to Vietnam to implement the six-year project to develop Dong Ha city and Lao Bao - Khe Sanh town in Quang Tri province and Moc Bai town in Tay Ninh.
The ADB will give the country a 32 year term preferential loan of US$130 million with an eight-year grace period, while the Urban Financing Partnership Facility (UFPF) will provide US$1 million in non-refundable aid and US$16.2 million will be sourced from the Vietnamese Government.
The project is the first phase of the programme to develop the economic corridors in the Greater Mekong Subregion during the 2014-2015 period.