Minister of Finance Dinh Tien Dung (R) and OFID Director General Abdulhamid Alkhalifa exchange the signed agreement at the ceremony in Hanoi on August 28 (Photo: VNA)

Hanoi (VNA) – The OPEC Fund for International Development (OFID) will loan 45 million USD to a transport infrastructure improvement project in the central city of Da Nang.

The loan agreement was inked between the OFID and the Vietnamese Ministry of Finance in Hanoi on August 28. 

The project has the total investment of 61.37 million USD, including 45 million USD lent by the OFID and the rest covered by Da Nang’s budget.

It is set to build 14.3km of the city’s western belt road No. 2, bridges on this route and associated technical facilities like culverts, lighting systems and trees. The project will also construct a 1.2km-long road connecting Co Co Bridge with the Tran Dai Nghia – Vo Chi Cong intersection, and a 100m-long bridge spanning the Co Co River and linking Vo Qui Huan and Vo Chi Cong roads.

The project is expected to be completed by the end of 2022 to help Da Nang develop its transport infrastructure effectively, thereby helping promote local socio-economic development.

Founded in January 1976, the OFID is intended to enhance cooperation between members of the Organisation of the Petroleum Exporting Countries (OPEC) and developing nations. It also provides special support to assist socio-economic development in low-income countries.

In Vietnam, the fund has so far supplied loans worth 238.65 million USD for 20 projects and programmes which cover a wide range of fields, including transport, irrigation, poverty reduction, health care, education and urban development. Most of them are implemented in rural provinces, thus helping with socio-economic development and living standard improvement in the country.-VNA

VNA