Great Asia Commercial Bank has borrowed VND30 billion from World Bank (WB) funds to facilitate an agricultural financing project in the southern province of Dong Nai.
Great Asia Commercial Bank has borrowed VND30 billion from World Bank (WB) funds to facilitate an agricultural financing project in the southern province of Dong Nai.
The project, which is in its third phase, aims to develop the economy and improve living standards in rural areas as well as support private business. The bank has joined the project since the second phase to provide loans totaling VND110 billion.
WB earlier signed a deal with the Ministry of Finance to fund the project, before the Bank for Investment and Development of Vietnam lent to banking institutions to carry out it.
“This is a stable long- and medium-term capital source for enterprises and residents,” said Le Huu Tinh, vice-chairman of the bank.
WB has provided US$235 million for the second phase and US$200 million for the third phase.
(Source: SGT)
