France finances urban development funds in Vietnam

November 23, 2011 | 15:06

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The French Development Agency (AFD) will provide 20.5 million EUR to urban development investment funds of Danang and Can Tho cities of Vietnam.

Agreements to these effects were signed in Paris on November 22 within the framework of the France-Vietnam high- level council for economic cooperation development, which is being held in Paris from November 21-25.

Of the sum, 500,000 EUR will be non-refundable aid from the French government.

The finance aims to help the two Vietnamese cities implement socio-economic development goals and cope with challenges rising from urban development as well as carry out measures to fight climate change.

Speaking at the signing ceremony, AFD director Dov Zerah said despite meeting many difficulties from the financial crisis in France and Europe, AFD pledged not to reduce assistance to Vietnam.

Vietnamese Deputy Minister of Planning and Investment Cao Viet Sinh informed the AFD about Vietnam’s development targets and stressed that Vietnam encourages the development of the cooperation between the state and private sectors to mobilise all resources in the common difficult situation and invited the French side to take part in the model.

AFD is also the first donor assisting urban development investment funds in Vietnam since 2006.