Saudi Arabia to Fund $25.5M for Health, Education Projects in Vietnam

Saudi Arabia will lend Vietnam a total of 97 million Saudi Riyal ($25.5 million) to carry out health and education projects in the country. Deputy Finance Minister Nguyen Cong Nghiep and Yousef I. AL - BASAM, Vice President and Chief Executive Officer of the Arab Fund for Economic Development signed an agreement on the loan in Hanoi Nov 1. The projects will focus on building Polyclinic Hospital and Medical Center in Bac Kan northern province and a vocational training center in Ninh Thuan central province. At the signing ceremony, Deputy Minister Nghiep affirmed that the projects will improve the healthcare system, help train local health officers, and thus better the living conditions of people in the two provinces.  Yousef I. AL - BASAM said through the signing, the two countries’ relationship is expected to be tightened and more projects will be carried out to bring mutual benefits. The Arab Fund for Economic Development (Saudi Fund) is the International Cooperation Fund of the State of Saudi Arabia to provide ODA and non-ODA loans for low-income countries to support development.  The Fund is currently financing around 3,750 projects in 71 countries, including 41 in Africa, 25 in Asia and five in other regions. (Ha Noi Moi Nov 3 p4, gafin.vn Nov 1)