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22 September 2003 - Seven domestic and foreign banks agreed on Thursday to provide loans totalling $700m to Electricity of Vietnam (EVN) for hydropower projects planned by the state-owned power firm.
EVN general director, Dao Van Hung, said the 15-year loan would be used to build and equip up to six hydroelectricity plants. "The new plants will help Electricity of Vietnam add another 1600 MW to its current capacity, meeting some 15 per cent of the demand for output increase by 2010," he said.
The biggest investment will be $240m in the 300 MW Buon Kuop plant in the Tay Nguyen (Central Highlands), followed by $120m in the 342 MW Tuyen Quang plant in the northern province of the same name.
The 210 MW A Vuong power plant in the central province of Quang Nam will receive $110m and $100m will be spent on the 300MW Ban La plant in the central province of Nghe An, Hung said.
Domestic commercial banks have already lent the company $500m to build the Phu My gas power plant in Ba Ria-Vung Tau Province and expand the Uong Bi coal-powered plant in the northern province of Quang Ninh.
Hung said the country would need to be able to produce between 88 and 93 billion kilowatts per hour by 2010, requiring investment capital of $20bn.
Domestic banks providing the loan are the Vietnam Industrial and Commercial Bank, the Bank for Foreign Trade of Vietnam, the Bank for Investment and Development of Vietnam, and the Bank for Agricultural and Rural Development of Vietnam.
Foreign banks are the American Citigroup Bank, the French BNP Parisbas and the Dutch ABN Amro Bank, with a total promised loan of $320m.
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