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Kuwait fund signs loan deal for Vietnam project

Kuwait fund signs loan deal for Vietnam project

A Kuwaiti fund has signed a loan agreement worth KD4 million ($13.6 million) for financing a development project in Vietnam.

The Kuwait Fund for Arab Economic Development (KFAED) has agreed the deal to help finance the project for ethnic minorities in the Xin Man District of Vietnam.

It was co-signed by Vietnamese Vice Minister of Finance, Tran Xuan Ha, and KAFED deputy director general Hesham Al-Waqayan, the fund said in a statement.

It added that the loan aims to enhance economic and social development in Xin Man District by developing infrastructure to improve traffic conditions and effectively use water resources in the area, as well as reducing poverty in the region.

KFAED said it has already provided 14 loans worth a total of about $168.98 million for financing projects in various sectors in Vietnam.