7:36:21 PM | 18/9/2008
Standard Chartered and the Vietnam National Coal and Mineral Industries Group (Vinacomin) Sept 16 signed a US$58 million credit agreement to help satisfy Vinacomin’s investment capital demand, Vietnam News Agency said Wed.
Under the deal, Standard Chartered will provide US$20 million, Cathay Bank US$20 million, Malayan Berhad US$10 million and Bank of China US$8 million with the 7-year term, the agency said.
Ashok Sud, CEO of Standard Chartered in Vietnam, Laos and Cambodia, which has recently received approval to set up 100 per cent-foreign invested bank in Vietnam, said that success of the first loan contract will open a way for local businesses to get loans from the foreign bank.
On this occasion, Vinacomin and Standard Chartered also inked a memorandum of understanding (MOU), through which, Standard Chartered pledged to provide loans to coal, bauxite and power generation projects of Vinacomin.
The British bank will also help Vinacomin manage risks and liquidity and train staff.
Vinacomin, Vietnam’s biggest coal miner, is seeking approval from authorities to build two thermal power plants in central province of Quang Ngai and southernmost province of Kien Giang.
The coal miner has been talks with China’s Chalco, the U.S.’s Alcoa, Australia-U.K.’s BHP Billiton, Japan’s Itochu and Sumitomo and Russia’s Rusal over cooperation deals in bauxite mining and alumina production in the central highland Dak Nong, Lam Dong and southern Binh Thuan provinces. (VNA)
Vietnamese
