Kuwait Fund support USD 9.3 million for preventing climate change in Thai Binh

Photos of the ceremony

Deputy Minister of Finance of Vietnam Tran Xuan Ha, and Deputy Director General of the Kuwait Fund Hesham Al-Waqayan, on behalf of the two parties signed the Agreement.

Speaking in the MoU, on the behalf of Vietnam Government, Deputy Minister Tran Xuan Ha expressed his thanks for the valuable support of the Kuwaiti Fund for Vietnam to alleviate poverty and contribute to improving people lives.

He also said that, until now, the Fund has provided loans to Vietnam for conducting 14 projects with a total value of KD 49.7 million, equivalent to USD 168.7 million. It focuses on rural infrastructure such as small traffic and irrigation structures for poor provinces.

Until now, many projects have been completed and put into effective use, such as Van Dinh irrigation, Dac Ta – Ngoc Linh traffic way, and Phu Thong – Khang Minh traffic way.

Deputy Minister Tran Xuan Ha added, the Coastal Infrastructural Development Project for Responding to Climate Changes in Thai Thuy District (Thai Binh province) is the first project of Kuwait Fund supporting Vietnam on responding to climate changes. In the context that Vietnam is currently suffering from negative effects of weather changes, this project will enhance capacity for responding to natural disasters in Thai Binh province in particular, and Northern Delta area in general.

“The signing of this agreement has further demonstrated the good relationship in economic cooperation between the two countries. On behalf of the Vietnam Government, we once again thank the Government and people of Kuwait, and look forward to continuing to receive greater support in the future. The Ministry of Finance has also pledged to coordinate with the ministries, agencies and the People's Committee of Thai Binh province to implement this Loan Agreement effectively and to implement the project on schedule, achieving the highest results "- said the Deputy Minister.

At the ceremony, Deputy Director General of the Kuwait Fund, Hesham Al-Waqayan, said that climate change is a major problem for developing countries in the world, including Vietnam, and that Thai Thuy district, Thai Binh province, is one of the localities greatly effected it.

Moreover, the Fund has reached an agreement with the Ministry of Finance on investment to improve the quality of people lives in this area. This accord led to the signing of this Agreement. He also hoped that this would not be the last agreement where the two parities cooperate on climate change, and hoped the successful implementation of the project would help the 40 years tradition of Kuwait and Vietnam relations to further develop.