Last updated: 16:29 - March 31, 2007
Japan approves US $790 in soft loans for Vietnam http://www.nhandan.com.vn/english/business/310307/business_j.htm
Japan will provide Vietnam with over 95 billion yen (about US $790 million) in soft loans during the 2006 fiscal year to help develop infrastructure facilities and energy supplies as well as improve the investment environment in Vietnam.
The aid agreements were signed on March 30 at the headquarters of the Japanese Bank for International Co-operation (JBIC) in Tokyo between Japanese Finance Deputy Minister Kyosuke Shinozawa and his Vietnamese counterpart Tran Xuan Ha.
Projects of note to receive support from the deal include construction of a subway in Ho Chi Minh City, the first of its kind in Vietnam, connecting Ben Thanh and Suoi Tien. The pilot project, if successful, will be expanded to other provinces to solve the traffic congestion problems in the country's urban areas.
The aid is also earmarked for construction of Nghi Son and O Mon thermo-power plants, and a power grid across the Cuu Long (Mekong) Delta region. The money will also be used to bring Internet access to rural areas, improve the investment environment in the northern province of Vinh Phuc, and create a credit scheme for poor people.
Since 1993, the Japanese Government has continuously provided soft loans to help improve Vietnam's infrastructure facilities in the power, transportation and telecommunications sectors, and for environment preservation, with a combined capital of over 1.1 billion yen. (VNA)
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