Great Asia Commercial Bank (DaiA Bank) has borrowed VND30 billion from the World Bank (WB) funds to facilitate an agricultural financing project in the southern province of Dong Nai. The project, which is in its third phase, aims to develop the economy and improve living standards in rural areas as well as support private business. The unlisted lender has joined the project since the second phase to provide loans totaling VND110 billion. The WB earlier signed a deal with the Ministry of Finance to fund the project, before the Bank for Investment and Development lent to banking institutions to carry out it. This is a stable long- and medium-term capital source for enterprises and residents, said Le Huu Tinh, vice chairman of DaiA Bank. The World Bank has provided $235 million for the second phase of the agricultural financing project and $200 million to the third phase.
