OFID helps improve transport infrastructure in Da Nang

VGP – A loan agreement, worth US$45 million, aiming to improve transport infrastructure in the central city of Da Nang was signed on August 28 in Ha Noi by Minister of Finance Dinh Tien Dung and Director General of the OPEC Fund for International Development (OFID) Abdulhamid Alkhalifa.

August 28, 2019 4:48 PM GMT+7

Minister of Finance Dinh Tien Dung and Director General of the OPEC Fund for International Development (OFID) Abdulhamid Alkhalifa sign a loan agreement, worth US$45 million, aiming to improve transport infrastructure in the central city of Da Nang, Ha Noi, August 28, 2019 - Photo: VGP

The project has the total capital investment of US$61.37 million, of which the loan from the OFID valued at US$45 million and the corresponding capital from the local budget of US$16.37 million.

The project, expected to complete by the end of 2020, will assist the city in developing transport infrastructure effectively and sustainably, thus making contributions to boosting the socio-economic development, improving local people’s lives, reducing traffic accidents and environmental pollution and upgrading travelling conditions for people in the city.

Speaking at the event, Vice Chairman of Da Nang City’s People’s Committee Dang Viet Dung said that the capital is crucial to the city in developing transport infrastructure in its western area.

The OFID has financed 20 projects and programs for Viet Nam with the total capital more than US$238 million in fields of transport, irrigation, poverty reduction, health, education and urban development.

By Thuy Dung