Vietnam, Japan Bank Sign Credit Contract to Build Thermo-Electric Plant
Posted on: Wednesday, 16 November 2005, 09:00 CST
Text of report in English by Vietnamese news agency VNA website
Hanoi, 15 November: The Electricity of Vietnam Corporation (EVN) on 15 November signed a credit contract worth 7.74bn yen (roughly 66m US dollars) with the Japan Bank for International Cooperation (JBIC) for the construction of the Hai Phong thermo-electric power plant. The credit loan, with a maturity period of 15.5 years, including a grace period of 3.5 years, will have an annual interest rate of 1.76 per cent. The thermo-electric power plant has a design capacity of 600 MW and will be built at a cost of 650m US dollars.
Masayuki Karasawa, chief representative of JBIC Office in Hanoi, said this was his bank's first credit contract for the Vietnamese electricity sector. Previously, the JBIC had mainly provided funds for the sector in the form of official development assistance (ODA).
According to EVN General Director Dao Van Hung, the corporation had signed contracts to borrow capital from the JBIC for the construction of Pha Lai 2, Phu My 1, Ninh Binh, Nghi Son and O Mon thermo-electric and Ham Thuan-Da Mi and Dai Ninh hydroelectric power plants. The EVN plans to sign credit contracts with the Japanese bank to build Buon Kuop and A Vuong hydroelectric power plant.
Source: BBC Monitoring Asia Pacific
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