3:38:30 PM | 11/11/2008
The Vietnam Industry and Trade Bank (Vietinbank) will finance VND1.2 trillion (US$72.7 million) for the country’s largest bauxite-aluminum project in central highland Lam Dong province, state media reported.
A credit contract was signed between Vietinbank and the Vietnam Coal and Minerals Group (Vinacomin), the project’s owner November 8.
This was part of a credit package worth VND1.65 trillion that Vietinbank had agreed to extend to Vinacomin.
The bank also committed to provide more than VND2 trillion for TKV’s affiliates as well as for major coal projects.
Earlier, the Vietnam Bank for Foreign Trade (VCB) and Vinacomin signed a credit contract for the project Oct 10, bringing the combined banking loans to VND2.4 trillion.
The 142-hectare Lam Dong bauxite-aluminum complex, worth VND7.79 trillion, is expected to put into operation in 2010, being capable of exploring 4 million tons of bauxite and producing 600,000 tons of aluminum per year, creating at least 500 jobs for local residents.
Vinacomin said it will need an additional US$2.5 billion for developing its projects in the next 10 years, especially mining additional 10 pit coal mines, meeting the domestic demand.
In addition to Vinacomin, Vietinbank will provide VND7 trillion for Son La hydropower project, VND4.5 trillion for cement projects, US$50 million for Ca Mau gas-electricity-fertilizer project and US$146 million for Vinasat project, said a Vietinbank official.
He added the bank will launch its first initial public offering (IPO) in the final quarter of this year.
Vietinbank has been presented with “International Star for Quality” in Switzerland, becoming the first bank in Vietnam winning the award. (Local sources)
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