3:26:36 PM | 7/8/2005
Local Banks Fund US$88.5Mln for Pleikrong Hydropower Project
Four local commercial banks have agreed to lend VND1.39 trillion (US$88.5 million) for the construction of the Pleikrong hydropower plant in the Central Highlands province of Kon Tum.
The credit agreement was signed yesterday in Hanoi between the Bank for Foreign Trade of Vietnam (VCB), the Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development of Vietnam (BIDV) and the Industry and Commerce Bank (ICB) and the Electricity of Vietnam (EVN) – the project investor.
Under the agreement, these four state-run banks will finance VND445.8 billion (US$28.4 million), VND389.2 billion (US$24.8 million), VND278 billion (US$17.7 million) and VND278 billion, respectively.
The loan has a term of 12 years, with a three-year grace period.
The Pleikrong power plant has a capacity of 100 MW, total investment of VND2,967 billion (US$189 million) and is expected to generate 707 million kWh per year once operational. It is scheduled to be operational between 2007 and 2008.
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