The French Development Agency (AFD) has agreed to allocate €25 million ($30.9 million) for a housing program for Mekong Delta residents, said a source from French Embassy Monday.
The funds have been earmarked to provide homes for families located in living areas that are flooded annually near the Mekong River.
The lion’s share of €23 millions will be entrusted to the Mekong Housing Bank – another project sponsor – at a preferential rate, while the balance will be loaned at a much lower preferential rate over a longer term.
The French public institution AFD is active in financing public and private development projects through subsidies or concessional loans in over 60 countries in Africa, the Pacific region, Asia, the Caribbean, the Indian Ocean, the Mediterranean and Central and Eastern Europe.
Reported by Trung Binh – Translated by Thanh Tuan
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