South Korea lends US$ 46.85 million to Laos

VIENTIANE 02 JUNE (KPL) - The Republic of Korea has lent US$ 46.85 million to the Lao PDR for the funding of the Great Mekong Sub-region-Northern Power Grid Project and three projects of the Ministry of Public Security.
The agreement signing between the Korea Economic Development and Cooperation Fund (EDCF) and the Lao government was held in Vientiane on 31 May.
The signatories to the agreement were Mr. Somdy Douangdy, Minister of Finance, and Mr. Kim Dong-Soo, Chairman of the Export-Import Bank of Korea. This event was witnessed by representatives of the two sides.
“This year, the Lao PDR has borrowed US$ 46.85 million from the Exim Bank of Korea for the operation of four projects” said Mr. Somdy Douangdy.
The Great Mekong Sub-region-Northern Power Grid Project took up a big portion of this loan package, US$37, 88 million.
The three projects of the Ministry of Public Security would utilise US$ 8.99 million, for the purchase of medical equipment and facilities for Hospital No. 109, fire fighting facilities in Vientiane and to fund rescue services in five
provinces.