Laos – German bank KfW opens representative office in Vientiane

Germany’s main public bank for financial cooperation opened a representative office at the Lao-German Cooperation House yesterday in Vientiane, in a bid to broaden development relations.

German Ambassador to Laos Mr Robert von Rimscha, senior officials from the Ministry of Planning and Investment, Ministry of Foreign Affairs and Bank of the Lao PDR, government partners and members of the international development community attended the opening ceremony.

Speaking at the opening ceremony, Mr von Rimscha said“Our embassy is very proud that from now on KfW, an important German institution, will be in Laos, and I am personally delighted to see this office open.”

The KfW development bank is crucial for development cooperation aimed at poverty reduction, better rural infrastructure, gaining broader access to the market economy, good vocational training and sustainable use of natural resources.

“German development cooperation has just been doubled financially and by working towards the Millennium Development Goals, we will help to make the lives of hundreds of thousands of citizens of the Lao PDR better,” Mr von Rimscha said.

KfW’s Director of East Asia and the Pacific Dr Muessig said the opening of the office marks an historic moment in cooperation with Laos.

“With this significant increase in commitments, we now have ongoing projects and projects in preparation worth around 700 billion kip. This is only for financial cooperation with the Lao government,” Dr Muessig said.

“Through our subsidiaries DEG and KfW IPEX-Bank, we have further ongoing projects in Laos with private entrepreneurs of around 500 billion kip.”

“So, all together, KfW banking group is investing some 1,200 billion kip, which will need to be closely coordinated here on the ground,” he said. The Ministry of Planning and Investment’s International Cooperation Department Deputy Director General, Ms Saymonekham Mangnomek, also welcomed the opening of a representative office of one of the most professional and well-known development banks in the world.

“We are sure that this will deepen and strengthen ongoing and further financial cooperation between our two countries,” she said.

KfW development bank was established in 1948 as a public law institution. KfW is 80 percent owned by Federal Republic of Germany and 20 percent by the 16 federal states. It is the second biggest bank in Germany, and one of the world’s leading and most experienced promotional banks.

Vientiane Times

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