The Singaporean foundation Temasek will provide a 640 million LAK (750,000 USD) grant to help Laos improve public financial management, according to local media.
A memorandum of understanding (MoU) has been signed in Vientiane between representatives from Temasek and the Lao Ministry of Finance.
Under the MoU, the foundation will seek cooperation from the Singapore Cooperation Enterprise (SCE) and the World Bank (WB) to implement to the project, which aims to help the Lao Ministry of Finance improve capability in managing state finances in such areas as treasury, taxation and customs.
The money will be allocated to Laos' two-year project on Public Finance Modernisation and Governance.
Another MoU was also signed between Lao Ministry of Finance, SCE and the WB on the implementation of the project.
Temasek Foundation is a non-profit philanthropic organisation established by Temasek Holdings, Singapore, to contribute to sustainable growth and a bright future of hope and opportunities for Asian countries./.