VIENTIANE, Dec. 16 (Xinhua) -- The Lao government and the Asian Development Bank (ADB) signed agreements for loans and grants worth 150 million U.S. dollars to support four development projects aimed at boosting socio-economic progress in Laos.
The agreements were signed by Lao Deputy Minister of Finance Phouvong Kittavong and ADB Country Director for Laos Shanny Campbell. A total of 16 documents were formalized during the event, Lao News Agency reported on Monday.
Speaking at the signing ceremony, Phouvong emphasized the significance of the projects in driving multi-sectoral development and called for efficient utilization of the funds.
"I encourage all involved to ensure these resources are used effectively to advance socio-economic development," he said.
Also speaking at the event, Campbell reaffirmed ADB's commitment to Laos, particularly in addressing challenges like access to clean water.
The four approved projects aim to address critical challenges in Laos, ranging from rural poverty and public health to revenue generation, reflecting the strong partnership between the Lao government and the ADB. ■