Laos Borrows Money from Hungary for Development Projects
Last Tuesday, the Lao government and the Hungarian National Bank signed a USD$160 million loan agreement.
The loan will be used to develop three projects: a population management project that will involve ID issuance modernization (USD$25 million), an agricultural development project to promote land management, grass farming and technology application for agricultural purposes, and food safety improvement among others in Vientiane Capital, Luang Prabang, Vientiane Province, Xaysomboun, Xayaboury and Xieng Khuang (USD$35 million) and a water source protection project that will promote the treatment of waste water released by households and industrial factories (USD$100 million).
The signing ceremony was attended by Finance Vice Minister Thipphakone Chanthavongsa and Hungarian Export-Import Bank Deputy Director Nemedi Varga. Vice Minister of Agriculture and Forestry Phouangparisak Pravongviengkham, and Deputy Mayor of Vientiane Capital Keophilavanh Aphaylath were also in attendance.