KUWAIT CITY, May 7 (Xinhua) -- Kuwait has struck a loan agreement with Vietnam worth four million Kuwaiti dinars (13.6 million U.S. dollars) for financing the Multipurpose Development Project for Ethnic Minorities in Poor Communes in Xin Man District in Vietnam.
The Kuwait Fund for Arab Economic Development (KFAED) said Monday at a press release that the agreement was co-signed by Vietnamese Vice Minister of Finance Tran Xuan Ha and KAFED Deputy Director General Hesham Al-Waqayan.
The loan aims to enhance economic and social development in Xin Man District in Ha Giang province by constructing and developing the essential infrastructure to improve traffic conditions and effectively use water resources in the area, as well as to restructure the local economy and contribute to poverty reduction, KFAED said.