14/04/2015 09:41 GMT+7 Email Print Like 0

Vietnam helps Laos develop infrastructure

Hanoi, April 13 (VNA) – The Commercial Bank for Investment and Development of Vietnam (BIDV) sealed credit contracts to provide roughly 147 million USD for the construction of two infrastructure projects in Laos.

Accordingly, the bank is lending 26.84 million USD to the Lao Government to build a 97-kilometre road, and 120 million USD to launch an infrastructure development project in a district in Houaphan province.

The loans have a 15-year duration with a three-year grace period at an annual interest rate of 3 percent.

BIDV Chairman Tran Bac Ha, who is also President of the Association of Vietnamese Investors in Laos (AVIL), stated the signed contracts reflect the bank’s efforts to support Lao Houaphan and Xieng Khouang provinces in line with a cooperative agreement made by the two countries’ governments.

Lao Finance Minister Liane Thykeo said BIDV, through its credit offerings, has contributed to Laos’ overall economic growth and cementing the Vietnam-Laos friendship.

The bank will also provide 30 million USD for construction on a dam in Laos after a contract signing event scheduled for May.

The combined value of credit contracts between BIDV and the Lao Government has thus far reached 200 million USD.
VNA/VNP