China’s bank to help low-income people
Vietnam’s Ministry of Construction and China Development Bank Corporation (CDB) on April 22 signed a Memorandum of Understanding (MoU) on loans for developing houses for low-income people in Viet nam.
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Accordingly, CDB committed to grant a loan of around $1.5 billion for that purpose.
The MoU is the first step for Vietnamese construction enterprises to access to a huge reliable credit source, said Minister of Construction Nguyen Hong Quan.
Working groups of both sides will discuss concrete measures for the implementation of the MoU.
CDB is China’s largest foreign currency lending bank with total assets of over $700 billion.
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