The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced that the ribbon-cutting ceremony to celebrate the completion of the Ninh Binh sanitary landfill for which EDCF provided a loan took place in Ninh Binh, Vietnam on June 20.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee.

About 300 people attended the event including Chairman of People’s Committee in Ninh Binh province Bui Van Thang, key government officials from the finance ministry and planning and investment ministry, Korean Ambassador to Vietnam Jeon Dae-joo, and Chief Representative of Korea Eximbank Hanoi Representative Office Kim Young-seok.

The Solid Waste Management & Treatment Project in Ninh Binh province aimed at constructing a new sanitary landfill and a composting facility to treat 200 tonnes of compost per day by applying Korea’s waste treatment technologies.

The Korean government has committed USD 26 million in total project costs and so far extended USD 21 million in EDCF loans through Korea Eximbank.

Ninh Binh, boasting beautiful landscapes at Trang An and Tam Coc, known as the Halong Bay on land, has recently seen a surge in the number of tourists. However, waste generation is increasing every year as a result of growing economic activities. Yet, it did not have a proper sanitary waste treatment facility up until now.

Thanks to the completion of the sanitary landfill, the degradation of soil, water and air can be prevented, contributing to the conservation of the environment and improvement of health for local citizens. In addition, fertilizers created by fermenting the waste through the composting facility are expected to be supplied to the nearby farms, assisting the local economic development.

In his congratulatory speech, Chairman of People’s Committee of Ninh Binh province Bui Van Thang said, “I would like to thank the Korean government and Korea Eximbank for their support to us in achieving regional economic development and addressing environmental issues in Ninh Binh. I expect that the completion of the landfill will bring about increased tourists and foreign investment into our province.”

Chief Representative of Hanoi Representative Office Kim Young-seok said in his opening remarks, “Vietnam is faced with the urgent need to come up with countermeasures to tackle environmental pollution caused by rapid economic growth.” He added, “We are planning to continue to strengthen our support for the environmental sector in Vietnam to help conserve the environment and tackle climate change.”

So far, Korea Eximbank has extended about USD 1.9 billion for a total of 49 projects in Vietnam. Its support to the environmental sector reached USD 323 million for 14 projects, accounting for 17% of total EDCF loans to Vietnam.