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IFAD to fund the poor’s business development in Bến Tre and Cao Bằng

VNGOP – The PM agreed on January 4 the agenda of negotiations with the International Fund for Agricultural Development (IFAD) about an agreement to finance the Program on Business Development with the Poor in the Countryside of Bến Tre and Cao Bằng Provinces.

January 06, 2008 7:03 AM GMT+7

Accordingly, the PM authorized leaders of the Ministry of Finance (MoF) to officially sign the Agreement with IFAD and sign a loan sub-agreement with the Việt Nam Bank for Agriculture and Rural Development (Agribank) to implement Sub-component 3 “Rural credits" with the annual interest rate of 6% in Vietnamese currency for 20 years (including a 5-year grace period). The Ministry of Foreign Affairs was entrusted to fulfill the procedures of authorization. The Ministry of Justice was assigned to issue "Legal comments" on the Agreement and other related documents.

The PM ordered the MoF, Ministry of Planning and Investment, Agribank, and the People’s Committees of Bến Tre and Cao Bằng to realize the conditions for the Agreement’s effect as well as put the Agreement into reality.

On the same day, the PM approved the Portfolio "Eco-protection and sustainable development of Sóc Sơn forest in Hà Nội" granted with a nonrefundable aid of US $687,000 by the Global Environment Fund (GEF).

By Hồng Phương