The Republic of Korea (RoK)’s Ministry of Strategy and Finance on May 19 approved a 77 million USD loan for irrigational system upgrade projects in Vietnam’s central provinces of Thanh Hoa and Nghe An.
The Republic of Korea (RoK)’s Ministry of Strategy and Finance on May 19approved a 77 million USD loan for irrigational system upgrade projectsin Vietnam’s central provinces of Thanh Hoa and Nghe An.
The loan will be provided through the Economic Development Cooperation Fund (EDCF).
Thetwo projects will construct dyke and canals to bring water from ThanhHoa’s Len river and Nghe An province’s Hoang Mai river to water localfields, while contributing to improving ecological environment, copingwith climate change and rising seawater level.
Earlier, a workingdelegation from EDCF and the RoK’s Bank of Export- Import (EximBank)conducted a field research in the two provinces in late 2014.
EDCFis founded by the RoK government since 1987 and currently run by theEximBank. The fund aims to provide preferential loans for poor andunder-developed countries to help them build infrastructure andcontribute to bolster economic relations between RoK and othercountries.
According to the RoK’s Ministry of Strategy andFinance, which decides the provision of EDCF loans, the country has lent11 trillion KRW (10 billion USD) via EDCF funding by the end of 2014,and plans to lend another 1.4 trillion KRW this year.-VNA
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