Gia Lai invests more than 440 billion in irrigation modernization project

Gia Lai Provincial People's Council agreed on the plan to re-borrow foreign loans from the Government and debt repayment sources to invest in the Irrigation Modernization Project to Adapt to Climate Change with a total investment of more than 440 billion VND.

The Gia Lai Province Climate Change Adaptation Irrigation Modernization Project is built in Phu Thien, Ia Pa, Krong Pa districts and Ayun Pa town.

The Gia Lai Provincial People's Council has just issued Resolution No. 424/NQ-HDND agreeing on the plan to re-borrow the Government 's foreign loans and the source of debt repayment to invest in the Gia Lai Province Climate Change Adaptation Irrigation Modernization Project.

The Gia Lai Province Climate Change Adaptation Irrigation Modernization Project is being implemented in Phu Thien, Ia Pa, Krong Pa districts and Ayun Pa town, with the Gia Lai Province Investment and Construction Project Management Board as the investor.

The specific objective of the project is to build modern irrigation infrastructure that adapts to climate change and applies effective water management measures in the fields.

According to the resolution, the project has a total investment of VND440,036 billion, equivalent to USD18,999 million. Of which, the loan capital from the Asian Development Bank (ADB) is VND318,031 billion (the Central Government allocates 70% of VND222,62 billion; Gia Lai Provincial People's Committee re-borrows 30% of VND95,409 billion); non-refundable aid capital is VND6,941 billion; counterpart capital from the provincial budget is VND115,064 billion.

The project loan is applied at SOFR interest rate. For the principal debt (VND 95,409 billion), Gia Lai province will pay within 20 years, an average of VND 4.77 billion/year. For the interest and fees (VND 87,45 billion), the province will pay within 25 years.

Every year, Gia Lai province will balance the arrangement of sources for repayment of loan principal, interest, fees and related costs according to regulations. Gia Lai Provincial People's Committee is responsible for reviewing the outstanding loan balance of the local budget at the time of re-borrowing request, not exceeding the outstanding loan limit of the local budget, according to the provisions of the law on state budget; ensuring accuracy of data in the loan use plan, re-borrowing plan and loan repayment when negotiating the agreement.

Source: https://baodautu.vn/gia-lai-dau-tu-hon-440-ty-dong-hien-dai-hoa-thuy-loi-d228023.html