MoF, NIB Sign Credit Agreement

The Ministry of Finance and the Nordic Investment Bank (NIB) signed a 25-million euro credit agreement for the expansion of Vietnam’s Hoang Thach Cement Factory in Hanoi on December 15, 2006. 

 

The Bank for Investment and Development of Vietnam (BIDV) was assigned to receive and manage the credit.

 

NIB, a multilateral financial institution established by the five Nordic countries of Denmark, Finland, Iceland, Norway and Sweden, has sponsored many large projects in Vietnam since 1996. NIB loans are suitable long-termed capital sources for the investment in and expansion of large-sized projects. Besides, NIB sponsored Vietnamese giant projects such as the Song Hinh hydro-electric plant, the Bai Bang paper mill, the Tam Diep cement factory and the Ha Long cement factory in the form of ODA channels. NIB also lent US$85 million for the power industry, US$95 million for the coal industry, US$60 million for multi-sector development and US$20 million for private economic sector development.

 

This credit helps bring the total capital NIB has pledged for Vietnam’s development projects to US$345 million since 1996.