Loans from the OFID fund nearly $22 million for Dam Vac Dam Vinh Phuc

The term of the project is over 20 years, including 5 years grace period, 2% interest rate per annum and service fee is 1% calculated on the principal balance. This is the 20th project of Vietnam to borrow from OFID.

The leaders of the Ministry of Finance have just signed a $ 21.8 million loan from the International Development Fund of Oil Exporting Countries (OFID) to fund the Dam Vac bridge project.

Dam Vac Bridge Project (Vinh Phuc)

The term of the project is over 20 years, including 5 years grace period, 2% interest rate per annum and service fee is 1% calculated on the principal balance. This is the 20th project of Vietnam to borrow from OFID.

The project is expected to be implemented in four years (2017-2021), with a total cost of US $ 25.5 million, of which the OFID project is expected to be US $ 21.8 million and local counterpart funds will be around $ 3, 6 million.

According to the leaders of the Ministry of Finance, the objective of the project is to connect the northern and southern coasts of Vinh Yen and Vinh Phuc provinces and create favorable links for the two sides of Dam Vac. The project is expected to be completed by December 31, 2021.

Speaking about this project, Minister Dinh Tien Dung said that if the project is put into operation, it will create good development for Vinh Phuc and Vinh Phuc to balance repayment on time.

He also asked leaders of the International Development Fund of oil exporters to maintain the existing lending mechanism with Vietnam. As for OFID, Suleiman Jasir Al-Herbish, General Director of the International Development Fund of the oil exporting countries, acknowledged that the projects being implemented in Vietnam “had good progress, sharp”. This is a plus that he claims will report to the fund’s board.

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Previously, OFID has lent Vietnam 19 projects and programs with a total capital of $ 217 million in various fields including transportation, irrigation, poverty reduction, health, education, etc.

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