European International Bank helps build warehouses in south

The European International Bank (EIB) on September 30 said it will provide a 47 million EUR loan to build five warehouses in southern Vietnam.

The warehouses are to be built in Dong Nai, Binh Duong, Khanh Hoa, An Giang and Binh Dinh provinces.

The construction project is part of loan recipient German Metro AG’s programme to expand the operations of its Metro Vietnam supermarket system in Vietnam. This is the second time EIB has provided Metro Vietnam with such a loan since the first credit was issued in 2005.

The credit, which is provided under the European Union (EU)’s strategy in Asia, aims to help modernise the commodities distribution system in Vietnam, increase competitiveness and encourage the country to effectively use its valuable natural resources.

Through the credit, Metro AG will provide technical assistance and technologies transfer for Vietnam to improve its food safety standards, increase the quality of goods and encourage producers in implementing well food processing steps.

Established in 1957, EIB, a long-term sponsoring agency has opened its office in 27 EU member countries and 130 other nations worldwide.

(Source: VNA)