Two Banks to Lend US$58,82M to Power Project in North Vietnam
Bank for Investment and Development of Vietnam (BIDV) and Vietnam-Russia JV Bank June 11 signed an agreement to finance VND1 trillion (US$58.82 million) to Van Chan Hydropower Company to build a hydropower plant in northern Yen Bai province.
Under the deal, BIDV will provide a credit of VND850 billion (US$50 million) and the JV bank a loan worth VND150 billion (US$8.82 million) with a 13-year maturity and a three-year grace period for Van Chan company.
The 57-MW plant will be built at a total cost of VND1.418 trillion (US$83.41 million) in An Luong commune of Van Chan district.
Once fully operational in 2011, the plant is expected to generate 256 million kWh of power annually. (Capital Security)
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