Export-Import Bank of Korea (Eximbank) will extend loans totaling $58 million for several development projects in Vietnam via the Economic Development Cooperation Fund, set up by the Korean government in 1987. Korea Eximbank Chairman And President Kim Yong-hwan signed a memorandum of understanding with Vietnamese Finance Minister Vuong Dinh Hue on the development funds in Seoul on Mar 29. The projects include providing electric power to 55 mountain villages in the central province of Quang Binh by establishing solar cells,” an Eximbank spokesman said in a statement. Another one is sewage disposal project in Long Xuyen City in Mekong Delta province of An Giang. The project is aimed at preventing disease by minimizing environmental pollution. In a similar vein, the two countries signed a memorandum of understanding (MoU) on collaboration on insurance regulations on the same day. Vietnam topped the list with 10.6% of South Korea’s total assistance. Other major targets included Cambodia, Afghanistan, Bangladesh and Sri Lanka. Over the past few years, Korea Eximbank continued to increase its provision of economic development and cooperation funds to promote economic cooperation with emerging nations. The funds, provided at a minimum interest rate of 1%, are mainly used for the construction of industrial and residential infrastructure in the developing world. (www.koreaherald.com [1] Mar 29, thesaigontimes.vn Mar 29, Thoi Bao Kinh Te – Economic Times Mar 30 p3)
