Saudi Arabia Provides $37M ODA for Rural Infrastructure Projects in Vietnam

The Saudi Arabian government has agreed to provide $37 million in official development assistance (ODA) in two infrastructure projects in two Vietnam’s central provinces of Quang Tri and Phu Yen. This was released at a recent meeting between Minister of Finance Vuong Dinh Hue and Saudi Arabia’s Ambassador to Vietnam, Salah Ahmed Sarhan. Accordingly, the Quang Tri road connecting Thach Kim-Hien Hoa-Lam Thuy-Ben Quan communes will receive investment of $22.6 million in official development assistance (ODA). The road linking the communes of Xuan Phuoc-Ky Lo-Phu Hai in Phu Yen province, in turn, will obtain $14.5 million in ODA. Capital for the two projects is drawn from the Saudi Fund for Development, state media reported. Last November, a representative of the Saudi Fund and the Ministry of Finance signed two agreements, in which the fund provided $14.5 million and $11 million loans to the northern mountainous province of Bac Kan’s general hospital and healthcare centre and the southern province of Ninh Thuan’s vocational training centre respectively. Starting operations in 1975, the Saudi Fund for Development aims to stimulate economic growth in developing nations. It now contributes to the financing of 3,750 projects in 71 countries, consisting of 41 African countries, 25 Asian countries and five countries in other parts of the world. (Vietnam News May 11)