The loan agreement is worth 261.351 billion Korean Won (equivalent to about 188.115 million USD) to finance the Project "Investment in construction of My An - Cao Lanh Expressway - Phase 1" with an estimated route length of about 26.6 km, thereby creating the premise for the gradual completion of the Western North - South Expressway.
This is the first loan signed between the Ministry of Finance and the Export-Import Bank of Korea under the Framework Agreement on EDCF loans for the period 2024 - 2030 worth 2 billion USD between the two governments .
The Vietnamese Ministry of Finance highly appreciated the cooperation of Korean agencies, including the Korean Ministry of Economy and Finance and the Export-Import Bank of Korea, in implementing ODA loans. Minister of Finance Ho Duc Phoc believes that the two sides will continue to cooperate closely to promote the disbursement of loans in the coming time.
The Korean Government is Vietnam's second largest Asian bilateral ODA donor and Vietnam is currently the largest recipient of funding from the Korean Government.
Korean government loans have traditionally been funded through the Economic Development Cooperation Fund (EDCF) of Korea administered by the Export-Import Bank of Korea.
Loans from Korea have long loan terms with incentives and a relatively diverse range of loan users: Transportation, healthcare, environmental protection, climate change response...
To date, the Ministry of Finance and the Export-Import Bank of Korea have signed 64 loan agreements, with a total funding value of 2.8 billion USD.
Source: https://laodong.vn/kinh-doanh/han-quoc-tai-tro-188-trieu-usd-cho-du-an-duong-cao-toc-my-an-cao-lanh-1360895.ldo
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