BIDV will lend over $176 million to help the country develop traffic works. — Illustrative photo vietnamplus.vn

HA NOI (Biz Hub) — The Bank for Investment and Development of Viet Nam (BIDV) will lend over US$176 million to Laos to help the country develop its traffic infrastructure.

The State Bank of Viet Nam has given permission to the bank to sign a credit contract with the Lao government, which plans to use the loan to implement projects related to roads and other traffic works, and for irrigation in the Houaphanh and Luang Namtha provinces.

BIDV will also be responsible for arranging the financing in accordance with regulations of foreign exchange and foreign debt management in both countries, while guaranteeing its business security, the central bank said.

Houaphanh is a province in eastern Laos, bordering Viet Nam. Luang Namtha is situated in northern Laos. — VNS