Deputy Minister of Finance Truong Chi Trung (R) and Roland Siller, CEO of the German Reconstruction Bank for Europe and Asia, after signing the loan contract in Hanoi Thursday
The Ministry of Finance Thursday signed a loan deal with the German Reconstruction Bank for 140 million euros (US$189.3 million) to fund a power distribution project and improvement of the provincial hospital system, news website Vietnamplus reported.
Of the amount, $162.3 million will be used to upgrade the nation's 110 kilovolt power grid, expand low-voltage and medium-voltage systems in rural areas, reduce transmission loss, improve safety, and ensure both rural and urban areas get identical service.
The rest of the loan will fund a project to upgrade provincial hospitals, which began in 2010. Medical equipment will be provided to some hospitals in the northern Thanh Hoa, Phu Yen, and Yen Bai Provinces, and waste management will be improved at these hospitals as well as others in Thai Binh and Nghe An and the Vietnam-Germany Hospital in Hanoi.
Germany is Vietnam's third largest bilateral donor after Japan and France.
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