State Lenders Co-finance Satellite Launching Project
The Industrial and Commercial Bank of Vietnam (Incombank) and the Vietnam Bank for Foreign Trade (Vietcombank) will provide co-finance of over $146 million for the Vinasat communications satellite project of the Vietnam Postal and Telecommunications Corp (VNPT).
Incombank, which serves as the main bankroll for the project, signed a 12 year duration credit contract with VNPT, including a two-year grace period, in Hanoi on December 12.
Under the deal, Incombank will lend over $86 million, accounting for 59 per cent of total loans and Vietcombank will fund $60 million, or 41 per cent.
Vinasat has a combined investment of $243.6 million, of which VNPT contributes 20 per cent.
The project aims to build and operate a satellite, scheduled to be operational in May 2008.
(Vietnam Economic Times, VNS)
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