German Development Bank to open office in Vientiane !
German Development Bank to open office in Vientiane
KfW implements financial cooperation with Lao PDR by focusing on poverty eradication imary goal
(KPL) Germany's main public bank for financial cooperation or KfW" will open its representative office in Vientiane on 9 July, according to this week press release from KfW.
The office will be based in the"Lao-German Cooperation House"in Sisattanak district. The new KfW office with two permanent staff members will act as a contact point for partner ministries and institutions and represent KfW in Lao P.D.R.
The inauguration ceremony will be attended by the German Ambassador, Government partners and members of the international development community in Laos.
Commenting on the new KfW office, German Ambassador to the Lao PDR, Robert von Rimscha said: "The German government committed a total of 3,500 billion Kip for bilateral technical and financial cooperation since the 1960s. Of this amount more than 1,000 billion Kip were committed since 2009 only. Germany is one of the major external development partners in Lao PDR."
Ambassador von Rimscha stressed:"I am very happy that KfW as Germanys leading implementing agency for financial cooperation is now establishing a permanent office here in Vientiane in the Lao-German House. KfW will be under one roof with GIZ, our main implementing agency for technical cooperation. Also, more and more German businesses are present in Laos."
Gerald Laezer, KfW's director for Lao PDR and Cambodia, added:"The office will support the Lao Government and facilitate the implementation of our bilateral and regional programmes. It will give us the opportunity to easier coordinate our activities with other bi- and multilateral donor agencies." The office will also support KfW's subsidiaries DEG and KfW IPEX-Bank, which finance investments of private entrepreneurs, as well as pubic institution, in establishing new business relations in Lao PDR. Both have already ongoing investments in the hydropower and mining sectors but have no permanent representation of their own in Lao PDR.
The ultimate aim of German development cooperation with Lao PDR is poverty alleviation as it has been envisaged in Lao's Poverty Reduction Strategy and its Millennium Development Goals. Under this umbrella, focal areas of KfW's support and investments are rural infrastructure (e.g. construction of roads, markets), building and equipping vocational training schools as well as providing long-term loans to local banks for them to lend as microloans to individuals and small entrepreneurs.
Furthermore, KfW significantly increases its activities in the protection and sustainable management of natural resources.
Posted by samakomlao
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