Minister of Planning and Investment Nguyen Chi Dung and South Korean Ambassador Lee Hyuk signed the Framework Arrangement regarding US$1.5 billion loans from the Economic Development Cooperation Fund (EDCF) for the 2016-2020 period.
Minister Dung emphasized the contributions and efficiency of Korea’s official development aid-funded projects in socio-economic development, infrastructure improvement, hunger eradication & poverty reduction in Vietnam during the past more than two decades.
The Korean government offers ODA (official development assistance) loans to Vietnam through EDCF, based on the framework arrangement for every period.
At the signing ceremony, Dung emphasized, “We always highly appreciate and recognize the efforts of the Korean government to maintain Vietnam as a top priority ODA partner. The Framework Arrangement on ODA loans from the EDCF during 2016-2020 period is a prime example”.
The Framework Arrangement, which was approved after one year of negotiation, will allow South Korea to provide loans and other ODA to Vietnam. It will allow laying the foundation for both sides to select and carry out projects using EDCF capital during 2016-2020 period.
It contains new initiatives as compared to the previous arrangements and is expected to create more favorable conditions for the implementation of Korean ODA-funded projects.
For his part, Ambassador Lee Hyuk reaffirmed the Korean government’s commitment to providing assistance to Vietnam and promised to closely co-ordinate with the relevant Vietnamese agencies.
“The Korean government not only provides loans to assist Vietnam but also wants to accompany Vietnam on the journey to future prosperity,” said Hyuk.
Since 1993, South Korea has provided US$2.7 billion to carry out about 60 projects in such priority fields as traffic and urban infrastructure, health, water supply and drainage.
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