US bank to fund local wind farm projects

The US Ex-Im Bank has agreed to a policy on a funding package to support wind farm projects in the southern province of Bac Lieu, the bank chair said Wednesday.
At a meeting with the Vietnamese Development Bank (VDB), Fred P.Hochberg, chair and president of US Ex-Im Bank, said the total investment for the project is as much as $200 million.

The two banks also reached an agreement on the capital mobilisation method, in which VDB will borrow loans from foreign banks under the guarantee of US Ex-Im Bank.

At present, three international banks, including Credit Agricole, Citibank, and JP Morgan have demanded to participate in VDB’s sponsor project, newswire VnEconomy reported.

Earlier, VDB and US Ex-Im Bank also inked a memorandum of understanding on a credit support worth $1 billion for the Mekong Delta Wind Power centre for the period between 2011 and 2015.

Also at the meeting, VDB CEO Nguyen Quang Dung called on US Ex-Im Bank for additional credit support worth $500 million, after a package worth $1 billion has been disbursed.

The proposal received initial approval from the US chair.
Tuoi Tre

Posted by VBN on Feb 11 2012. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry