The International Fund for Agriculture Development (IFAD) has pledged to provide US$48.35 million in loans for the agricultural project in Vietnam.

On behalf of the Vietnamese Government, Vietnamese ambassador to Italy, Dang Khanh Thoai signed an agreement with IFAD at its headquarters in Rome on February 25. This is the biggest IFAD aid package for Vietnam so far.

According to the agreement, from 2011 to 2015 the IFAD will provide US$48.35 million in loans to help three provinces in Vietnam – Tuyen Quang, Gia Lai and Ninh Thuan – to develop their agricultural production.

At the signing ceremony, IFAD President Kannayo Nwanze, who visited Vietnam in November 2010, praised Vietnam’s achievements in agricultural and rural development. He said that Vietnam is a good model for developing countries to follow because it has grown from a country that always suffered food shortage, to being an exporter, contributing to ensuring world food security.

Kannayo Nwanze affirmed that IFAD will continue to help Vietnam improve rural people’s living standards, especially ethnic minorities and hopes to further enhance cooperation with Vietnam in agricultural and rural development.

(VOVNEWS)