Banks Fund US$46.9 Mln for Iron-steel Complex in Central Province
Three commercial banks of Vietnam have agreed to provide credit loans worth VND750 billion (US$46.875 million) for an iron and steel complex project in central Ha Tinh province.
The credit contracts have been signed between local branches of the Vietnam Development Bank, the Bank for Investment and Development of Vietnam, and the Bank for Foreign Trade of Vietnam, and the project’s owner – the Ha Tinh Iron and Steel Joint Stock Company.
The loans will enable the construction of the project capitalized at VND 885 billion (US$55.31 million).
Located in the Vung Ang economic zone, the complex has a designed capacity of churning out 500,000 tons of steel ingot per year during its first phase.
The complex is set to turn out its first batch of products in the first quarter of 2009. (Vietnam & World Economy, VNA)
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