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May 24, 2017 / 13:56

PM Phuc suggests OFID to prioritize funding for Vietnam

Vietnam welcomes technical support from the OPEC Fund for International Development (OFID) via official development assistance and preferential loans.

PM Nguyen Xuan Phuc and OFID Director-General Suleiman Jasir Al-Herbish
PM Nguyen Xuan Phuc and OFID Director-General Suleiman Jasir Al-Herbish

Prime Minister Nguyen Xuan Phuc made the remark when talking about Vietnam’s demand for infrastructure development at a meeting with OFID Director-General Suleiman Jasir Al-Herbish in Hanoi on May 23.

The PM lauded the signing of a 21.8 million USD loan agreement between the Finance Ministry and OFID on May 22 for the construction of Dam Vac Bridge in the northern province of Vinh Phuc. He noted that the two sides have implemented many effective joint projects in Vietnam’s remote areas. 

He asked the OFID to continue financing projects in Vietnam, adding that the Government is willing to work with the fund in designing programmes in line with OFID funding criteria and the country’s growth strategy.

Stressing that Vietnam wants to develop the private sector, the PM called on the OFID to create favourable conditions for the sector access the fund’s capital. He suggested holding discussions on the matter and assigned the Finance Ministry to work on the cooperation.

For his part, Suleiman Jasir Al-Herbish said his current visit reflects the OFID’s willingness to expand affiliation with Vietnam in any field at any time within its capacity.

Noting 2018 will mark 40 years of collaboration between the OFID and Vietnam, he said the joint work has produced sound outcomes and unveiled that the organisation is studying a number of projects in the country.

The OFID hopes the Prime Minister will direct relevant agencies to prepare all needed procedures for joint projects so that they can be signed right after being approved by the OFID executive board, he said.

The OFID Director-General said his organisation has a private sector department that could work with the Vietnamese Finance Ministry on cooperation between OFID and Vietnam’s private sector.