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Four State-run banks grant VND 17.5 trillion to hydropower plant

VNGOP – A funding contract for the Sơn La Hydroelectricity Plant Project was signed on September 25 in Hà Nội between the Việt Nam Bank for Agriculture and Rural Development (VBARD), Bank for Investment and Development of Việt Nam (BIDV), Việt Nam Commerce Bank (VCB), Việt Nam Industry and Commerce Bank (ICB) and the Electricity of Việt Nam Group (EVN).

09/26/2007 07:27

 

Photo: VNGOP

Under the contract, the four banks will provide a total loan of VND 17,500 billion, equivalent to 50 percent of the project’s total investment, in the term of 15 years.

It is reported that VBARD will grant VND 3,500 billion and function as the focal point of disbursement. BIDV contributes VND 3,000 billion, VCB and ICB provide VND 6,000 billion and VND 5,000 billion respectively.

At the signing ceremony, Mr. Đào Văn Hưng, CEO of EVN, said: "The credit package will help speed up the project schedule to timely provide electricity for the country’s socio-economic development and industrialization as well as facilitate flood and drought control in the Red River Delta ".

The 2,400 MW Sơn La Hydroelectricity Plant requires a total investment of VND 36,933 billion. Its first turbine is expected to be put into operation in late 2009.

By Nguyên Hồ