HANOI -(Dow Jones)- The State Bank of Vietnam signed Tuesday an agreement with the Asian Development Bank for a $45 million loan for a clean water supply and rural environment project, the central bank said.

The loan has a term of 32 years, including a grace period of eight years, the central bank said in a statement.

The project, which will require total investment of $50 million, will benefit 350,000 people living in Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Nam and Binh Dinh provinces in central Vietnam, it said.

The Vietnamese government will fund the remaining $5 million needed for the project, it added.

Source: NASDAQ