Xanakham needs over one trillion kip for economic development
Xanakham needs over one trillion kip for economic development
Authorities in Vientiane province's Xanakham district will need more than 1,100 billion kip for economic development over the next five years, a senior district official announced early this month.
Deputy Governor of the district Mr Saman Visethyaphong recently disclosed at a district meeting that from 2014 to 2019 the district would require this amount for the development of economic infrastructure.
He said this plan would cover 34 percent of the district's Gross Domestic Product (GDP).
The funds will be used for infrastructure development. It will come from government investment projects worth 271.81 billion kip in total while more than 100 billion kip will be provided from the government's budget.
The balance of the funding required will come from a targeted grant of almost 170 billion kip plus domestic and foreign investment, investment from local residents and the banking institutes.
Mr Saman added that in the previous five years a total of 83 projects worth over 546.65 billion kip have been carried out, which is equivalent to 39.8 percent of the plan.
These were 60 government funded projects worth 256.28 billion kip, seven internationally funded projects costing 18.94 billion kip and 16 private projects by domestic and foreign investors worth approximately 193 billion kip.
Investment in agriculture by local residents in the five years since 2009 amounted to 49 billion kip while the banks in the district added another 35 billion kip. Compared to the five years prior to this, total investment increased by a factor of more than 10.
The district authority is confident that, if the planned investment strategy is fully implemented, the district will become an all-round development district and be officially declared as such by 2019, Mr Saman said.
vientiane times
