(VOVworld) - Deputy Finance Minister Truong Chi Trung and Motonori Tsuno, Chief Representative of Japan International Cooperation Agency (JICA) in Vietnam, signed 11 agreements on JICA’s provision of loans worth 1.9 billion USD. The 11 projects cover such areas as infrastructure and policy reform. At the signing ceremony on Friday in Hanoi, Trung stressed  the significance of the loans, which show the friendship and strategic partnership between Vietnam and Japan. Motonori Tsuno told the media: “The 11 projects are of high priorities and included in Vietnam’s 5 year plan for socio-economic development. The Vietnamese government targets to turn Vietnam into an industrialized country by 2020. To do so, 3 priorities should be focused on: improving infrastructure, developing human resources and finalizing policies. JICA is committed to helping Vietnam realize these goals. We will continue to provide financial, technological and scientific support for Vietnam.”

The interest rates of the loans will range from 0.2 to 1.4% per year and time of loan repayment will be between 30 and 40 years.

The Japanese government has agreed to grant more than 2 billion USD in official development aid to Vietnam in the 2012–2013 fiscal year. The agreement formalising the pledge was signed in Hanoi on Friday by Japanese Ambassador to Vietnam Tanizaki Yasuaki and Vietnamese Minister of Planning and Investment Bui Quang Vinh. Vinh said at the signing ceremony that the ODA is important and timely, meeting Vietnam’s needs for its industrialization and modernization, particularly in upgrading infrastructure and responding climate change.