The Korean government will provide US$41 million worth of loans through the Economic Development Cooperation Fund (EDCF) for Vietnam to expand its waterworks infrastructure.
The fund will be used for carrying out the second phase of the Thien-Tan project in Dong Nai province that is expected to be completed in late 2017, according to the Ministry of Planning and Finance.
Korea offered US$26 million worth of EDCF during the first phase of the Thien-Tan waterworks, which was completed in 2004.
The ministry said, “The waterworks project will be able to provide fresh water for nearby industrial parks and contribute to improving living standards of people in the region.”
Located some 45 kilometers from Ho Chi Min City, the province succeeded in hosting the largest number of industrial complexes, and has good port and air transportation systems aiming at growing up as a key industrial hub of the nation.
A total of 34 industrial parks are in operation, comprising 16,000 factories including 300 Korean-run factories in the province.
The EDCF is a state-run fund launched in 1987 to help emerging countries with loans with low interest rates. Since it was established, Korea has provided more than US$9 billion in aid for developing countries.