Leading bank sponsors thermal power project in Quang Binh hinh anh 1The signing ceremony between EVN and Vietcombank. (Photo: baochinhphu.vn)
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will provide a credit worth 27.1 trillion VND (1.18 billion USD) for the Quang Trach 1 thermal power project in the centreal province of Quang Binh.

To this effect, the bank and Vietnam Electricity (EVN) signed a comprehensive cooperation agreement and financial credit contract supporting the project in Hanoi on June 30.

Total investment of the project is 41.13 trillion VND, using capital from EVN (30 percent) and domestic commercial loans (70 percent) funded by Vietcombank.

It is expected to be kicked off in the third quarter of this year and completed in 2025.

EVN assigned the Power Project Management Board No 2 as the representative of the investor of the project along with projects at the Quang Trach Power Centre with a total area of about 48.6 hectares in Vinh Son village, Quang Dong commune, Quang Trach district.

The project includes two power units with a total installed capacity of 1,200 MW, when put into operation, the plant will provide the national electricity system with an annual output of about 8.4 billion kWh, contributing to ensure the safety of national energy security and improving the safety and stability of the power system.

The Quang Trach 1 thermal power plant is considered to be the driving force for economic growth for Quang Binh province and the North Central region, thereby contributing to create favourable conditions for the local development of supporting industry, contributing about 1.2 trillion VND per year to the state budget, and creating stable and long-term jobs for local workers, especially highly-qualified workers./.