Wednesday, September 26, 2007

Vietnam banks to lend $1.08 billion to Son La power

Tue Sep 25, 2007 3:55am BST

HANOI, Sept 25 (Reuters) - Vietnam's four largest banks will lend a combined 17.5 trillion dong ($1.08 billion) over 15 years to finance the $2.3-billion Son La hydro power plant project, state media reported on Tuesday.

Vietcombank would provide credit of 6 trillion dong, Vietincombank would lend 5 trillion dong and Vietindebank 3 trillion dong, the Lao Dong newspaper said.

Agribank, Vietnam's top lender by assets, would provide 3.5 trillion dong and manage the disbursement, Lao Dong said without giving details of interest rates on a loan it said included a five-year grace period.

Dominant state utility Vietnam Electricity plans to put the the 2,400-megawatt plant on line in December 2010. ($1=16,164 dong)