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Korean aid to boost Vietnam environment
SEP.01,2004
The Ministry of Finance and Economy announced yesterday that South Korea will extend a $21 million loan to the goverment of Vietnam to help fund an environmental project that centers on the construction of infastructure necessary to collect and process solid wastes.
The 30-year loan will be provided by Seoul's Economic Development Cooperation Fund at an annual interest rate of 2 percent with a 10-year grace period.
The ministry said the loan would provide Korean companies with better opportunities to enter the Vietnamese market.
Seoul has been lending money to Vietnam since 1995, drawing from funds allocated for economic development in other countries.
As of July, nearly $160 million had been loaned to fund seven projects in Vietnam, the ministry said.
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