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Vietnam ADB to loan $931mn to develop electricity
October 11, 2007
ADB to loan $931mn to develop electricity

The Asian Development Bank (ADB) will offer Vietnam a credit of 931 million U.S. dollars to help it build a thermoelectricity plant in northern Quang Ninh province.

Under a framework financing agreement and a first-stage loan agreement signed here Tuesday between the ADB and the State Bank of Vietnam, the ADB will offer a credit of 28 million dollars for the first stage of the Mong Duong thermoelectricity plant No. 1 project, which is expected to increase Vietnam's electricity capacity by 2,200 MW in 2012.

The two-stage financing project is expected to receive the rest of the credit after the second-stage loan agreement is signed, scheduled in two years.

"Given its availability, and the fact that it is the most affordable source of energy in northern Vietnam, where this project is located, coal is a necessary part of that mix. We are particularly pleased that with this project, Vietnam is adapting the new 'clean coal' technology with the minimal impact on environment," said Ayumi Konishi, ADB's Country Director for Vietnam.

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