VDB's Quang Nam-Da Nang area branch and the university of Da Nang: The announcement ceremony of the on-lending contract of foreign loan

19/07/2023 12:07

On July 14, 2023, Vietnam Development Bank's Quang Nam - Da Nang area branch and the University of Danang (UD) held the announcement ceremony of the on-lending contract of foreign loan – Subproject 1: technical infrastructure construction and essential works for UD in Hoa Quy and Dien Ngoc wards, funding source from World Bank.

 Assoc.Prof.Dr. Nguyen Ngoc Vu - Secretary of the Party Committee, President of UD, Mr. Vo Minh - Director of the State Bank of Danang branch, Mr. Phan Quang Thong - Director of the State Treasury of Danang, Mr. Nguyen Dac Quang - Director of VDB’s Quang Nam – Da Nang area branch and other representatives of the two parties attended the ceremony.

The Subproject 1 aiming to construct infrastructure essential works construction with a total investment of over 117 million USD financed from WB, is classified in group A and approved by the Prime Minister in June 2020. Most of this subproject funding source comes from State Budge (90%) and the rest from on lending source. On the basis of the Prime Minister's approval, on June 26, 2023, the Ministry of Finance signed a sub-loan agreement with UD, and authorized VDB to carry out on-lending activity.
On June 29, 2023, VDB’s Quang Nam - Da Nang area branch and UD signed an on-lending contract, a mortgage agreement for foreign loan and debt acknowledgments.
Addressing at the ceremony, Mr. Nguyen Ngoc Vu informed that it was the biggest project UD had ever implemented. It was extremely important for the UD’s development, especially in line with the strategy to develop UD into a national university as prescribed by the Politburo’s Resolution No. 26-NQ/TW. The UD’s President emphasized the University commitment to contract obligations and, expected to have cooperation, support and accompany from VDB and its branches, from the State treasury of Da Nang city and the State Bank of Danang branch for a prompt supervision, guiding and resolution of problems arising during and from the implementation of the project./.

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