VietinBank lends VND6.2 trillion to EVN
By Truong Nam - The Saigon Times Daily
VietinBank general director Nguyen Van Thang (L) and EVN general director Pham Le Thanh shake hands after signing the loan contract Thursday - Photo: Courtesy of VietinBank
HCMC – Vietnam Bank for Industry and Trade (VietinBank) and Vietnam Electricity Group (EVN) on Thursday signed a VND6.2-trillion credit contract to finance Duyen Hai 3 thermal power plant.
According to VietinBank’s statement released on Thursday, the credit will help EVN pay for its engineering, procurement and construction (EPC) contract and settle fees of foreign credit contracts serving construction of the project. This loan comes with a term of 120 months, including 48 months of grace, and is 100% guaranteed by the Ministry of Finance.
As a key national project, Duyen Hai 3 thermal power plant in the Mekong Delta province of Tra Vinh has a designed capacity of 1,200 MW. The project is expected to cost VND28 trillion.
EVN general director Pham Le Thanh said that the state-owned group will speed up investment in power projects in the 2011-2015 period with total investments averaging out at VND80 trillion each year. EVN has mobilized capital from many local and foreign credit institutions for these projects.