HCMC receives foreign credits for urban development

VGP - The People’s Committee of Hồ Chí Minh City just approved a credit of €20 million provided by the French Development Agency (AFD) for the Hồ Chí Minh City Investment Fund for Urban Development (HIFU) in 2009.

September 19, 2009 8:30 PM GMT+7

A corner of Hồ Chí Minh City

The credit will be used to raise quality of public services, and finance projects on environment, education, healthcare, housing, resettlement and energy in the city.

The AFD will provide the credit for 20 years (2009-2029) with a grace period of 7 years.

The Ministry of Finance will refund the loan to HIFU with an estimated interest rate of 4% a year.

By Ngọc Vân