BIDV extends financing to housing, seafood firms

25/10/2006 -- 10:54 AM

Ha Noi (VNA) -- The Bank for Investment and Development of Viet Nam (BIDV) on Oct. 23 signed an agreement on comprehensive cooperation with the Housing and Urban Development Corporation and the Ha Long Investment and Development Company. Under the agreement, from 2006-2008, BIDV commits to grant the corporation a maximum short-term credit of 1.2 trillion VND (75 million USD) each year. BIDV itself will supply loans or seek other credit institutions to co-support the corporation's feasible, effective, and payable projects which comply with BIDV's credit conditions. For the Ha Long Investment and Development Company (BIM), this year, BIDV will provide BIM a short-term loan worth 200 billion VND (12.4 million USD) to finance seafood breeding and processing activities in its production bases in Quang Ninh and Kien Giang provinces. In the 2006-09 period, BIDV will consider financing capital for BIM's three projects with a total investment of 510 billion VND (31.8 million USD) in 60 months. The bank on Oct. 24 also become a main sponsor for Asian Pacific Economic Cooperation with funds of 3.2 billion VND (199,750 USD).-Enditem
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