On Monday, the Da Nang People’s Committee Vice Chairman, Mr Vo Duy Khuong, and the Chairman of the Board of the International Investment Bank (IIB), Mr Nikolay Kosov, signed a Memorandum of Understanding (MoU). 

The aim of the MoU is to create a framework for promoting mutual investment in projects in which the two sides show a keen interest.  Importance will also be attached to boosting the city’s socio-economic development through the implemetation of long-term IIB-invested projects in the city in the near future.

The signing ceremony

Vice Chairman Khuong said that in the next 5 years his city will pay attention to promoting the development of the service, hi-tech and information technology industries, as well as developing high-quality human resources to help local progress, with a focus on boosting investment into local economic infrastructure projects. 

The city leader said that he would like IIB to grant funds for the city to implement some of its economic infrastructure projects.  These include a 250 million USD project to improve the local water environment, a 200 million USD project to build Lien Chieu Port in Lien Chieu District, and a feasibility study for the construction of a local metro system at a cost of 260 million USD.

Chairman Nikolay Kosov said that IIB is willing to foster bilateral relations with Da Nang, to pour investment into the city’s infrastructure development, and to provide loans for local small and medium-sized businesses to develop their production activities.

IIB is a multilateral institution for development that promotes social and economic development, prosperity, and economic cooperation between its member states.  The bank provides loans primarily through leading domestic publicly-owned financial institutions, development banks, export and import banks and agencies, or lends in partnership with other international institutions for development.  The main directions for its activities are support of small and medium-sized businesses and participation in financing socially significant infrastructure projects.