Banks Lend US$24.9 Mln to Build Hydropower Plant in Northern Vietnam

The Bank for Investment and Development of Vietnam (BIDV) and the Military Joint Stock Commercial Bank (MB) October 4 signed deals to lend VND 399 billion (US$24.93 million) to Northwest Electricity Development and Investment JS Co to build Nam Chien 2 hydropower plant in northern Son La province, local media reported.

 

Of the total, BIDV provided VND299 billion (US$18.68 million) while MB lent VND100 billion (US$6.25 million).

 

The terms and interest rates of the loans have not yet been made available.

 

The company, in January, kicked off construction on the 32-megawatt plant that costs VND625 billion (US$39.06 million.

 

The two-turbine plant is due for completion in the fourth quarter of 2009 to generate 132 million kWh annually. (Labor, VNA)