Kuwait Fund Provides $14M for Vietnam Road Project

The Kuwait Fund for Arab Economic Development will provide a $14 million loan to Vietnam’s northern mountainous road project under an agreement signed in Hanoi on Mar 12, the Vietnam News Agency said. Under an agreement inked between Finance Deputy Minister Tran Xuan Ha and Kuwaiti Deputy Director-General Hesham Al-Waqayan, the fund will give the loan to Cha To-Muong Tung road in Dien Bien province. Kuwait has to date financed $124 million for eight projects in Vietnam through the fund, according to the news agency. The funding focuses on small irrigation and traffic works in poor provinces, including the Dau Tieng and Van Dinh irrigation projects and the Dac Ta-Ngoc Linh road projects which have become operational. Last year, two-way trade between Vietnam and Kuwait reached $116 million, up from $65.5 million in 2007.