The Hanoitimes - Vietnam will get 150 million Euro loan from
the European Investment Bank (EIB) as part-financing projects for climate
change mitigation in the nation.
The loan was signed in Hanoiby Ms
Magdalena Álvarez Arza, Vice President of the EIB, and Mr. Truong Chi Trung,
Vice Minister of Finance.
The loan will contribute to
environmental sustainability and will make long-term financing available for
investments that contribute to climate change mitigation through the avoidance
or reduction of emissions of greenhouse gases by the use of renewable energy
sources and energy efficiency enhancements, which are priorities for EIB
lending.
Ms Álvarez, who is in charge of
the EIB’s operations in Asia, believed that the investments financed under this
framework loan will help promote sustainable and high-quality economic growth
in Vietnam.
It will be provided through the
Ministry of Finance to four state-owned banks for on-lending to small-scale
climate change projects. The four state-owned banks, including JSC Bank for
Investment and Development of Vietnam (BIDV), Vietnam JSC Bank for Industry and
Trade (Vietinbank), Bank for Agriculture and Rural Development (Agribank) and
Vietnam Development Bank (VDB), have the ability to source and manage
investment schemes in the energy and industrial sectors.
This is the second loan of its
kind in Vietnam. The first one being the 100 million Euro Vietnam Climate Change
Framework Loan signed in May 2009.
It is provided under the Climate
Change Mandate 2011-2013 and is the EIB’s eighth operation in Vietnam, where it
started operations in 1996. Since then, the Bank financing in Vietnam has
reached almost EURO650 million, including this loan.
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