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Banking & Finance

$253 million loan for deepwater port

Released at: 10:09, 03/08/2015

$253 million loan for deepwater port

Four State-owned banks provide credit package to Coastal Power Center Seaport in Tra Vinh.

by Nguyen Quynh

Four State-owned commercial banks have signed a credit agreement to finance the Coastal Power Center Seaport project of the Power Generation Corporation 1 (EVN Genco 1).

Vietcombank, Vietinbank, BIDV and Agribank are to lend VND5.5 trillion ($253 million) for the project’s first phase.

At the signing ceremony, Vietcombank also expressed a desire to continue to finance the project’s next stage.

The project is part of national electricity development planning in the 2011-2020 period and vision to 2030, under the government’s Decision No. 1208, with total investment of over VND10.7 trillion ($492.2 million).

The deepwater port, in Dan Thanh commune, Duyen Hai district, in the Mekong Delta’s Tra Vinh province, will used for the Coastal Power Center, consisting of a wharf that can berth coal vessels of 30,000 DWT and oil vessels of 1,000 DWT annually, to serve the operation of power plants within the center.

Established in June 2012, EVN Genco 1 is 100 per cent owned by Electricity of Vietnam (EVN). The Coastal Power Center Seaport is the first project of EVN Genco 1 to be co-sponsored by four State-owned commercial banks.


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