ADB-financed project for development of small and medium urban quarters in Central Vietnam
VNGOVNet – The PM on January 24 approved the draft loan agreement and related documents for a project to develop small and medium urban districts in Central Vietnam, which was financed by the Asia Development Bank (ADB).
The PM agreed to add US$ 3.18 million to the ADB funding of US$ 53.22 million and reduce the corresponding investment from the domestic side to make a total project cost of US$ 66.72 million.
The Ministry of Construction in coordination with the People’s Committees of Phú Yên, Khánh Hòa, Ninh Thuận, Bình Thuận and Đắk Nông are to work out the cost of every sub-project to be carried in each of the above provinces as part of the general project, complete the subproject design in reference to the recommendations of related ministries; and decide on them in line with the project documents signed with the ADB.
Based on the approved subprojects, the PM will empower the Governor of the State Bank of Vietnam to sign the loan contract with the ADB representative. The ADB will be informed about this representation by the Ministry of Foreign Affairs.
The Ministry of Finance will sign a supplementary agreement to re-lend a part of the project loan in accordance with the loan agreement's principles and the current regulations on re-lending.
By Thanh Thúy
