Credit Suisse Pledges US$1Bln Loan to Vinalines
Credit Suisse of Switzerland has pledged to provide US$1 billion for state-run Vietnam National Shipping Lines (Vinalines) to implement its development projects, Vinalines CEO Duong Chi Dung said.
The loan will help Vinalines develop its fleets, maritime services and build more ports, said Dung.
Vinalines will need up to US$4.2 billion for its expansion program until 2010, according to its recently revealed developed plan.
Vinalines has clinched agreements to borrow US$200 million each from HSH Nordbank, Citibank and HSBC, and US$150 million from Germany-based Deutsch Bank AG.
Vietnam’s largest shipping firm has signed a US$2.3-billion contract with the country’s largest shipbuilder Vinashin to build 64 ships, with a combined load capacity of 2.8 million tons.
In a related development, Vinalines is going to issue bonds abroad by late 2007 to raise funds for its expansion. (Liberated Saigon)
Vietnamese
