The goal of the loan is to boost economic and social development in Xin Man District
A Kuwaiti fund has signed a loan agreement worth KD4 million ($13.6 million) for financing a development project in Vietnam.
The Kuwait Fund for Arab Economic Development (KFAED) has agreed the deal to help and finance the project for ethnic minorities in the Xin Man District of Vietnam.
In a statement the fund mentioned that it was co-signed by Vietnamese vice Minister of Finance, Tran Xuan Ha, and deputy director general Hesham Al-Waqayan of KFAED.
It added that the goal of the loan is to boost economic and social development in Xin Man District by improving infrastructure and traffic conditions and effectively use water resources in the area, as well as reducing poverty in the region.
KFAED mentioned that it had provided 14 loans of about $168.98 million for financing projects in various sectors in Vietnam.
