EIB Grants Vietnam EUR 150 Million Loan for Climate Change Mitigation

The European Investment Bank (EIB) is providing a EUR 150 million loan to the Government of Vietnam with the purpose of part-financing projects that will contribute to the mitigation of climate change. The Vietnam Climate Change Global Loan was signed in Hanoi by the Vietnamese Ministry of Finance and EIB in the presence of Vietnamese President Truong Tan Sang and European Council President Herman van Rompuy.

 

The loan will foster environmental sustainability and will make long-term financing available for investments that contribute to climate change mitigation through the avoidance, reduction or sequestration of greenhouse gases emissions, by using of renewable energy sources and energy efficiency enhancements, which are priorities for EIB lending.

 

This is the second loan of its kind in Vietnam, the first being the EUR 100 million Vietnam Climate Change Framework Loan signed in May 2009 for financing investments that contributed to climate change mitigation and support the EU’s presence in the country, which has been implemented successfully by the both sides.

 

This loan is being provided under the 2011-2013 Climate Change Mandate and is the EIB’s eighth operation in Vietnam, where it started operations in 1996. Since then, EIB financing in Vietnam has reached almost EUR 650 million, including this loan.