BIDV Lends US$33.3Mln for Power Plant

The Bank of Investment and Development of Vietnam recently signed a loan valued at VND533 billion (US$33.3 million) to construct a hydroelectric plant of Krong H’nang in the Central Highlands.

 

BIDV’s Phu Yen arm will directly lend VND235 billion (over $14 million).

 

The remainder will be sourced from branches of Danang International Bank with VND50 billion ($3.1 million), Dak Lak Foreign Trade Bank VND64 billion ($4 million), Danang Foreign Trade Bank also VND64 billion ($4 million) and Dak Lak Bank of Investment and Development VND120 billion ($7.5 million).

 

The loan will be disbursed over 2 years starting from 2007, with interest rates in Vietnam Dong deposits ranging around 3.2 per cent per year, Nguyen Cong, Director of Phu Yen Branch said.

 

When operational by end-2009, the power plant, totaling VND1.25 trillion (over $78 million) with designed capacity of 64 megawatts, is expected to generate 255 million kWh of electricity. (Vietnam & World Economy)