China Development Bank Corporation (CDB) has committed to providing a loan of around USD1.5 billion for Vietnam to develop housing for low-income earners.
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| (Photo:Tuan Anh/VNA) |
A Memorandum of Understanding (MoU) to this effect was signed between Vietnam ’s Ministry of Construction and CDB in Hanoi on April 22.
The MoU is the first step for Vietnamese construction enterprises to access a reliable credit source, Minister of Construction Nguyen Hong Quan said.
CDB President Jiang Chaoliang said CDB set up a working group to study in Vietnam in 2006.
Working groups of both sides will discuss concrete measures for the implementation of the MoU.
CDB is China’s largest foreign currency lending bank with total assets of USD700 billion, and loans worth 6 trillion Chinese Yuan and USD150 billion.