Citi funded $ 200 million for power transmission projects

 

The above credit is guaranteed by the Ministry of Finance of Vietnam and is insured by the Japan Export and Investment Credit Insurance Agency (NEXI) under NEXI's Unbound Foreign Loan Insurance Program. In this loan, Citi Bank acted as the overall coordinator and also the principal arranger, cooperating with Japan Development Bank (DBJ) and Sumitomo Trust and Banking Co., Ltd (STB ).

This is the first export credit loan arranged for NPT. Loans will be used to finance the construction of the following 4 power transmission projects: 500kV Vinh Tan-Song May transmission line; 220kV / 500kV Vinh Tan substation; 220kV Nhon Trach substation and 500kV Long Phu-O Mon transmission line in South Vietnam. These four projects will load electricity from power plants to the national grid and transmit electricity to areas including industrial parks in Dong Nai, Binh Duong and Ho Chi Minh City.

Mr. Nguyen Manh Hung, NPT's General Director said: With a strategic role in managing the entire power transmission network throughout Vietnam, NPT has a huge capital demand to support the development and operation of the transmission network. electrical load. The signing of a US $ 200 million export credit contract for power transmission projects has opened up a new direction for NPT in diversifying capital sources besides traditional and capital commercial loans. Official development assistance (ODA). It also gives us competitive financial solutions.

According to Mr. Brett Krause, CEO of Citi in Vietnam: Power transmission projects are key infrastructure projects to support the development of the national electricity network, which is the backbone of the country's electricity system. This landmark transaction is not only a result of successful cooperation and a good relationship between Citi and NPT but also demonstrates our strong commitment to supporting the development of the Vietnamese energy industry when the country has economic growth.

 

Follow: Business Forum