ADB, South Korea grant loans to develop Thanh Hoa

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ADB, South Korea grant loans to develop Thanh Hoa
The Thanh Hoa provincial government and the Asia Development Bank signed a memorandum of understanding Monday for a US$115-million loan plan to develop the central province.

Under the agreement, the bank will grant the province a $72 million loan to be paid back over 32 years, with a fixed interest rate of one percent for the eight year grace period, and the Republic of Korea government will loan $33 million to be paid back over 30 years, with a fixed 1 percent interest rate for a 10 year grace period.

The loans will be used to develop urban roads, improve water supply and waste water treatment, and develop human resources and tourism.

Reported by Ngoc Minh
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