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.
The Commercial Bank for Investment and Development of Vietnam (BIDV)sealed credit contracts to provide roughly 147 million USD for theconstruction of two infrastructure projects in Laos.
Accordingly, the bank is lending 26.84 million USD to the Lao Governmentto build a 97-kilometre road, and 120 million USD to launch aninfrastructure 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 Associationof Vietnamese Investors in Laos (AVIL), stated the signed contractsreflect the bank’s efforts to support Lao Houaphan and Xieng Khouangprovinces in line with a cooperative agreement made by the twocountries’ governments.
Lao Finance Minister LianeThykeo said BIDV, through its credit offerings, has contributed toLaos’ overall economic growth and cementing the Vietnam-Laos friendship.
The bank will also provide 30 million USD forconstruction on a dam in Laos after a contract signing event scheduledfor May.
The combined value of credit contracts between BIDV and the Lao Government has thus far reached 200 million USD.-VNA
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