Lien Viet Bank to serve $900M ADB loan

The State Bank of Vietnam appointed Lien Viet Bank to serve a loan of over $900million funded by the Asian Development Bank.

The ADB loan agreement was signed between Vietnam and ADB on November 9, 2010 which aims to finance the investment project of Mong Duong 1 thermal power plant.

Earlier, ADB’s Board of Directors has pledged to grant a loan of $293 million to support the $1 billion metro rail project in Ha Noi and $540million for mass rapid transit line construction in Ho Chi Minh City, expected to reduce traffic congestion.

Asian Development Bank plans to give Vietnam $2billion preferential loans in 2011 compared with $1.5billion in the previous years, said Haruhiko Kuroda, ADB President.