3:26:43 PM | 7/8/2005
The France's Societe Generale Bank on June 30 signed an agreement to offer a loan worth EUR57 million (US$69.5 million) to help Vietnam build the Phuong Nam Kenaf Pulp Mill project in the Mekong Delta province of Long An.
Under the agreement, the bank will finance importation facilities and technologies, as well as fees and other costs arising during the construction process.
The project will have total investment of VND1.49 trillion (US$94 million) of which the domestic commercial banks will co-finance VND347 billion (US$22 million).
Phuong Nam Pulp Mill will be built with capacity to turn out 100,000 tons of pulp per year, providing jobs to about 30,000 workers in the region.
Phan Thanh Nam, director of the Transportation and Telecommunications, Investment and Development Corporation (Tradico), which is the investor of the project, said the mill will help balance pulp production, satisfying the domestic paper demand and exports.
Construction of the project will be completed within 29 months.
Vietnamese
