The total value of the two borrowing plans comes at approximately 112 milion Saudi Riyals (about 30 million USD). The financed projects in Ha Tinh and Dong Thap aim at establishing infrastructural works such as rural roads, small-scale irrigational works, medical centers, canals etc. in areas frequently affected by natural disasters in order to minimize the adverse impact of climate change. During negotiation sessions, representatives engaged in active talks and came to agreement regarding basic borrowing terms such as loan value, interest rate, length, purchasing conditions, bidding terms and so on. Both sides also agreed to report negotiation outcomes to higher managerial authority for approval and signing of the loan agreements at the earliest possible.

These two agreements included, Saudi Arabia has funded 11 projects for Vietnam via the Saudi Fund for Development with the total value of 539 million SAR (around 144 million USD). Projects financed by SFD focus on upgrading rural infrastructure, developing human resources, ensuring public health, coping with climate change in under-developed areas including Bac Kan, Ninh Thuan, Quang Tri, Phu Yen, Nghe An, Ha Giang, Hoa binh, Lang Son, Ha Nam. Financed funds from the SFD is of highly valuable support for the Vietnamese Government and people in our efforts to implement the National Target Program for Sustainable Poverty Reduction, as well as of great contribution to improving quality of life in general.

As part of the mission, the delegation came to greet Mr.Yousef I Al-Bassam, Vice Chairman and General Director of the SFD. Welcoming the Vietnamese delegation, Mr. Yousef I Al-Bassam was pleased to learn about the mutual agreements reached following negotiations, assuring the role of Vietnam as an important regional partner and advanced his willingness to continue the Fund’s support for Vietnam’s development projects. On behalf of the delegation, Mrs. Nguyen Xuan Thao expressed her gratitude towards the Fund for its collaboration with Vietnam in general and the Ministry of Finance in particular and wished to receive continual support from the SFD regarding mutually prioritized areas.

The delegation also took the opportunity to visit the Vietnamese Embassy in Saudi Arabia, and was warmly welcomed by Mr. Hoang Khac Viet – Vietnam’s Ambassador Extraordinary and Plenipotentiary in Saudi Arabia. Mr. Ambassador provided the representatives with current socio-economic and political updates of Saudi Arabia as well as development outlook and forthcoming opportunities for cooperation with the host country. On behalf of the Delegation, Mrs. Nguyen Xuan Thao praised the Embassy and Mr. Ambassador for their supporting efforts, provided updates on projects currently in negotiation and wished to receive further support from the Embassy in future collaboration with the SFD.