AIIB sets aside $5 billion with preferential interest rates to cooperate with Vietnam

On the afternoon of July 16, Prime Minister Pham Minh Chinh received Mr. Kim Lap Quan, President of the Asian Infrastructure Investment Bank (AIIB), who is on a working visit to Vietnam.

Prime Minister Pham Minh Chinh proposed that AIIB advise, finance, and support Vietnam with preferential interest rate loans for large-scale, highly effective infrastructure projects that can change the situation and transform the state, such as the construction of the North-South high-speed railway; 3 northern railway lines connecting to China and through China connecting to Europe and Central Asia; and urban railway lines in Hanoi and Ho Chi Minh City.

Prime Minister Pham Minh Chinh received Mr. Kim Lap Quan on the afternoon of July 16. Photo: VIET CHUNG

The Prime Minister also said that Vietnam is promoting three strategic breakthroughs, including breakthroughs in developing transport infrastructure, healthcare, education, culture, sports, climate change response, digital infrastructure, green development infrastructure, circulation... Regarding transport infrastructure, Vietnam has great demand in all five modes of transport (road, rail, aviation, maritime, inland waterway), but investment must be focused and key, thereby creating new development space, new values, contributing to reducing logistics costs, promoting production and business, creating jobs, livelihoods for people and sustainable development.

Prime Minister Pham Minh Chinh received Mr. Kim Lap Quan, President of AIIB. Photo: VIET CHUNG

The AIIB President said that he will spend about 5 billion USD with preferential interest rates to cooperate with Vietnam and highly agreed with the cooperation orientations that the Prime Minister emphasized, focusing on large projects, quick procedures and high efficiency.

AIIB is a multilateral development bank established in 2016 with 57 founding member countries (including Vietnam). AIIB's activities in Vietnam have recently focused mainly on the private sector, with 3 projects (total value of 223 million USD) in the fields of supporting Covid-19 response, solar energy development, hydropower, and infrastructure to respond to climate change. Currently, AIIB has expressed interest in financing a number of projects in Vietnam in the fields of renewable energy, transport infrastructure, and water supply and drainage.

PHAN THAO

Source: https://www.sggp.org.vn/aiib-danh-5-ty-usd-voi-lai-suat-uu-dai-de-hop-tac-voi-viet-nam-post749621.html