State Banks Syndicate $120Mln to Power Plant

Four state owned commercial banks have recently contracted to finance VND1.863 trillion (US$120 million) to the Se San 4 Hydro-electricity Plant project of the Electricity of Vietnam (EVN).

 

The four banks that chip in the project include the Vietnam Bank for Foreign Trade (Vietcombank), the Bank for Investment and Development of Vietnam (BIDV), the Industrial and Commercial Bank of Vietnam (Incombank), and the Vietnam Bank for Agriculture and Rural Development (Agribank).

 

The 360-MW Se San 4 hydro-electricity plant will be located in Iagrai district of Gia Lai province and Sa Thay district of Kon Tum province in the Central Highlands.

 

The plan has total estimated investment of VND5.546 trillion ($348.8 million) of which EVN contributes 30 per cent and the remainder has been mainly raised via banks and foreign loans.

Additionally, the four banks promised to lend EVN more than VND40 trillion ($2.5 billion) for power plant projects of EVN from now through 2010.
Vietnam Economic Times, VNS