BIDV to provide massive $1 billion fund for northern border province

By Toan Dao May 8, 2016 | 08:06 pm PT

Part of the Noi Bai-Lao Cai Expressway. Photo by Doan Loan

The Bank for Investment and Development of Vietnam (BIDV) has pledged to provide about $1 billion to finance various projects in the northern province of Lao Cai, which borders China, BIDV said on Monday.

The funds, which will be used to support the province’s 2016-2020 development plan, will be allocated to projects in tourism, mineral production and processing, agriculture and infrastructure, the bank said.

During a business promotion conference sponsored by BIDV on May 8, Lao Cai's provincial government also awarded investment licenses to six projects worth a total of VND3.4 trillion ($152 million), including two hotel projects, an iron ore pelletizing plant and three hydropower projects.