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ADB finances US$55 million for education development project

On December 1, 2003, in Hanoi the State Bank of Vietnam and the Asia Bank for Development have signed a credit agreement, in which the ADB will provide Vietnam with a credit line of US$55 million for the secondary education development project, with term of 32 years, including grace period of 8 years, bearing interest rate of 1 percent during the grace period, and then 1.5 percent for the remaining years.

Project will be carried out from 2003 - 2009, with counter fund from Vietnam government of U$25 million, banking sources released.

VNCG-VDC1 - (03/12/2003)

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