OFID gives loan to transport infrastructure project in Da Nang
The OPEC Fund for International Development (OFID) will loan 45 million USD to a transport infrastructure improvement project in the central city of Da Nang.
Minister of Finance Dinh Tien Dung (R) and OFID Director General Abdulhamid Alkhalifa exchange the signed agreement at the ceremony in Hanoi on August 28 (Photo: VNA)
Hanoi (VNA) – The OPEC Fund for InternationalDevelopment (OFID) will loan 45 million USD to a transport infrastructureimprovement project in the central city of Da Nang.
The loan agreement was inked between the OFIDand the Vietnamese Ministry of Finance in Hanoi on August 28.
The project has the total investment of 61.37million USD, including 45 million USD lent by the OFID and the rest covered byDa Nang’s budget.
It is set to build 14.3km of the city’s westernbelt road No. 2, bridges on this route and associated technical facilities likeculverts, lighting systems and trees. The project will also construct a1.2km-long road connecting Co Co Bridge with the Tran Dai Nghia – Vo Chi Congintersection, and a 100m-long bridge spanning the Co Co River and linking VoQui Huan and Vo Chi Cong roads.
The project is expected to be completed by theend of 2022 to help Da Nang develop its transport infrastructure effectively,thereby helping promote local socio-economic development.
Founded in January 1976, the OFID is intended toenhance cooperation between members of the Organisation of the PetroleumExporting Countries (OPEC) and developing nations. It also provides specialsupport to assist socio-economic development in low-income countries.
In Vietnam, the fund has so far supplied loansworth 238.65 million USD for 20 projects and programmes which cover a widerange of fields, including transport, irrigation, poverty reduction, healthcare, education and urban development. Most of them are implemented in ruralprovinces, thus helping with socio-economic development and living standardimprovement in the country.-VNA
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Minister of Finance Dinh Tien Dung (R) and OFID Director General Abdulhamid Alkhalifa exchange the signed agreement at the ceremony in Hanoi on August 28 (Photo: VNA) 
