Banks Pledge US$225M Credit for Dinh Vu Polyester Fiber Plant
Six banks and a financial institution have pledged US$225 million in loans for the ongoing Dinh Vu polyester fiber plant in the Haiphong-based industrial zone.
The lenders are the Bank for Investment and Development of Vietnam (BIDV), the Ocean Bank, the Vietnam Bank for Trade and Industry (VietinBank), the Vietnam-Russia Bank (VRB), the Military Bank (MB), the Vietnam International Bank (VIBank) and the PetroVietnam Financial Company (PVFC).
The credit deal was signed between the PetroVietnam-Vinatex Dinh Vu Joint Stock Company (PVTex), the project’s investor, and BIDV on August 10 in Hanoi.
The loans will mature 10 years plus two-year extension with interest rates of dollar deposits by the banks plus 2 per cent/year.
The US$324.85 million project, kicked off May 18, is scheduled to become operational in July 2011, providing an output of 500 tons of fiber a day. (Vietnam Economic Times, Vietnam Plus)
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