Xayaboury requires 2 trillion kip for development
Xayaboury requires 2 trillion kip for development
Xayaboury province requires more than 2 trillion kip to invest in socio-economic development projects if it is to meet its goal of 9 percent growth per annum this year.
The province has set a target to pursue economic growth of at least 9 percent with Gross Domestic Product (GDP) forecast to hit more than 7 trillion kip.
The economic projection will see GDP equating to an average income of around 20 million kip (over US$2,000) per person per year, according to the province's report on the socio-economic development plan.
According to the plan, the agriculture sector will contribute 32 percent of GDP, recording an increase of 4 percent, while industry will contribute 34 percent of GDP, reflecting an increase of 15 percent, and the service sector will contribute 34 percent of GDP, and experience an increase of 13 percent.
The report said to ensure economic growth of at least 9 percent in the fiscal year 2015-2016, the province required more than 2 trillion kip, equal to 36 percent of GDP, in socio-economic development.
Of this amount, 284 billion kip would come from domestic investment, accounting for 10 percent of the total investment.
On top of this, 511 billion kip will come from grants and loans, accounting for 18 percent, 1 trillion kip from overseas and private sector investment, accounting for 40 percent, and 910 billion kip from bank loans and individual investment, accounting for 32 percent.
The province has received more than 63 billion kip from state investment in the meantime, with the authorities initially allocating 41 billion kip into regular funds for implementing 203 projects.
This included 48 debt-funded projects worth more than 15 billion kip, 107 joint ventures and ongoing projects worth some 20 billion kip and 48 newly proposed projects worth 5.5 billion kip.
The authorities delivered 14 billion kip to the Xaysathan district development fund for the implementation of 24 projects, including 19 joint ventures and ongoing projects worth 12 billion kip and five newly propo sed projects worth 2 billion kip.
Some 8.3 billion kip was allocated to rural development and resettlement funds for the implementation of 57 projects.
Besides that, for investment budget allocation in 2015-2016, the provincial authorities have given consideration to projects defined in Xayaboury's 8th five year socio-economic development plan as priority projects, in particular debt-funded projects, continuous projects, focal development projects in ‘Three Builds' pilot districts, and newly proposed projects.
