Japanese banks finance Vietnamese power plant

Tokyo, April 3 (VNA) – Eleven Japanese banks, including Mitsui Sumitomo Banking Corp and Japan Bank for International Cooperation (JBIC), will provide a 81 billion JPY (680 million USD) loan for the Electricity of Vietnam (EVN) to build a thermal power plant. Accordingly, JBIC will supply the majority of the loan with more than 400 million USD while 8 regional banks will lend a combined 100 million USD. The EVN will use the funds to purchase power-generating equipment from Japan’s Hitachi Company. Vietnam’s economic growth is driving electricity demand, making power shortages an urgent concern. In order to create a favourable environment to attract more foreign investment, the Vietnamese government is hastening the construction of power plants./.