Saudi Arabia Finances $29M for Vietnam Transport and Healthcare

The Ministry of Finance (MoF) on December 5 signed an agreement on loans worth $29 million with the Saudi Fund for Development (SFD) for three projects in Vietnam’s northern provinces of Lang Son, Hoa Binh and Ha Nam, state media reported. The signing ceremony took place in Hanoi with the participation of Mr. Truong Chi Trung, Deputy Minister Finance and Mr. Yousef I Al-Bassam, Vice Chairman and Managing Director of SFD. Mr. Trung said that the loans will be used to improve transportation, health conditions and job training quality in the three provinces. He also stressed that the non-binding loans from SFD are valuable support for Vietnam in implementing its national target programs on hunger eradication and poverty reduction. The agreement showed the increasingly close co-operation between Vietnam and Saudi Arabia, said Mr. Yousef I Al-Bassam, adding that the project will improve life of people in three provinces. The total amount of funds provided by SFD to Vietnam has accrued up to $114 million in nine projects, focusing on improving rural infrastructure, human resource development, healthcare, and coping with climate change. (Thoi Bao Kinh Te Vietnam Dec 7 p2, tuoi tre.vn Dec 7, vietnamplus.vn Dec 5)