Funding agreements of 72.3 million euros were granted by the Ministry of Finance – AFD

Funding agreements of 72.3 million euros were granted by the Ministry of Finance – AFD 15/03/2024 04:34:00 292

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On March 15, at the Ministry of Finance's headquarters hosted the signing of agreements between the Ministry of Finance and the French Development Agency (AFD) to finance two projects: "Urban Development Project Central Coast towards green growth and climate change response Dong Ha city, Quang Tri province" and "Anti-Erosion Project and sustainable protection of the coast of Hoi An, Quang Nam province." The agreements have a combined value of 72.3 million Euro, or almost 80 million USD.

On March 15, at the Ministry of Finance's headquarters hosted the signing of agreements between the Ministry of Finance and the French Development Agency (AFD) to finance two projects: "Urban Development Project Central Coast towards green growth and climate change response Dong Ha city, Quang Tri province" and "Anti-Erosion Project and sustainable protection of the coast of Hoi An, Quang Nam province." The agreements have a combined value of 72.3 million Euro, or almost 80 million USD.

Speaking at the award event was Deputy Minister Vo Thanh Hung

Deputy Minister of Finance Vo Thanh Hung, Mr. Peteris Ustubs, Director of the Middle East, Asia and Pacific Division, European Commission Europe, Mr. Julien Guerrier, Ambassador of the European Union to Vietnam, Mr. Olivier Brochet, Ambassador of the French Republic to Vietnam, Mr. Herve Connan, Director of AFD in Vietnam, and Representatives of the Government Office, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Justice, Ministry of Planning and Investment, People's Committee of Quang Nam province, and People's Committee of Quang Tri province were present at the Ceremony for the agreement.

During the award event, Mr. Peteris Ustubs, Director of the European Commission's Middle East, Asia, and Pacific Division

Speaking at the ceremony, Deputy Minister of Finance Vo Thanh Hung announced that the agreement was approved on December 29, 2023, on behalf of the Government of the Socialist Republic of Vietnam. The Ministry of Finance, in collaboration with AFD, signed the Co's loan agreements with the French Development Agency and the European Union Grant Aid Agreement, granting AFD management rights for two projects: "Central Coastal Urban Development Project" and "Erosion prevention and sustainable bank protection project" in Dong Ha city, Quang Tri province, and "Erosion prevention and sustainable bank protection project" in Hoi An Beach, Quang Nam Province, respectively. The projects have a total value of 72.3 million Euros, or nearly 80 million USD.

According to the Deputy Minister, the loan amount committed above continues to demonstrate that AFD is Vietnam's largest bilateral sponsorship in the European zone and demonstrates the French government's desire to deepen its strategic alliance with Vietnam. In addition to loan funds, non-refundable aid capital from the European Union will support municipalities in enhancing their ability to run projects and adapt to local climate change.

French Ambassador to Vietnam, Mr. Olivier Brochet, delivered a speech

The Deputy Minister confirmed that the Vietnamese government consistently values and respects the assistance provided by this mechanism to the French government in particular and the European Union in general. In particular, the aims of green transformation, digital transformation, and sustainable energy transformation sustainability and reaction to climate change are all major initiatives that are being implemented by the AFD-supported projects in Vietnam.

Basic details of the two financed projects were given by Mr. Herve Connan, Director of AFD in Vietnam

The AFD loan capital and European Union aid capital directly benefit Quang Nam and Quang Tri provinces, which the Deputy Minister further recommended be deployed immediately. The government's climate change response program will be most successful if the necessary procedures are followed to start projects rapidly and execute them as soon as possible.

Mr. Peteris Ustubs, Director of the Department of the Middle East and Asia and the Pacific at the European Commission, spoke on behalf of the European Union and explained that funding projects funded by Fund WARM grants not only helps local communities become more resilient, but also supports collaborative efforts to tackle climate change worldwide. This program demonstrates the EU's commitment to becoming a key partner in Vietnam's accomplishments in climate action and sustainable development, and it is in keeping with the EU's Global Gateway policy to reduce the gap in global investment methods.

The French government, according to Mr. Oliver Brochet, the ambassador of the French Republic to Vietnam, hopes to assist Vietnam in achieving its top climate goals through investment projects. These projects include efforts to combat coastal erosion in Quang Nam province and bolster infrastructure in Quang Tri province to help address flooding issues. The ultimate goal is to ensure economic development and enhance the quality of life for locals by using natural solutions.

AFD's Director in Vietnam, Mr. Herve Connan, and Deputy Minister Vo Thanh Hung signed the documents in front of the delegates present

Together with the provinces of Quang Nam and Quang Tri, the Ministry of Finance inked a contract on this occasion to re-lend AFD loans from the central budget to the local budget ways in order to guarantee capital transfer and the effectiveness of supported projects.

Signing the loan re-lending contract AFD from the central budget to the local budget were representatives of the Ministry of Finance and the People's Committee of Quang Tri and Quang Nam provinces

Mr. Le Duc Tien, Vice Chairman of the State Committee of Quang Tri province, spoke on behalf of the project's managing agency and thanked the Ministries, departments, and units for their attention to the local climate change projects last time, particularly the Ministry of Finance, the Ministry of Planning and Investment, and the Development Agency French development. It is very necessary to invest in the system to update and repair the river embankment and drainage system in Dong Ha City in order to promote green growth and address climate change because of AFD funds. Today, the Ministry of Finance and Provincial People's Committees signed an on-lending contract for projects, which binds the national and local levels of government together in terms of commitment and accountability for project completion. In order to ensure project efficiency, Quang Tri province has signed an on-lending contract and will honor its obligations under loan agreements and non-refundable aid agreements. Frequently monitor, oversee, and expeditiously guide the resolution of challenges and issues during project implementation, Mr. Le Duc Tien stated.

Translator: Thúy Nga

 

 

 

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