Business

NPC signs 22.7 million USD loan deal

The Northern Power Corporation under the Electricity of Vietnam Group (EVN NPC), signed a syndicated loan agreement worth 515 billion VND (22.7 million USD) last week for the period of seven years.
NPC signs 22.7 million USD loan deal ảnh 1Representatives of EVN NPC and financial partners sign syndicated loan agreement worth 515 billion VND. (Photo: vietnamnet.vn)

Hanoi (VNA) - The NorthernPower Corporation under the Electricity of Vietnam Group (EVNNPC), signed a syndicated loan agreement worth 515 billion VND (22.7million USD) last week for the period of seven years.

The Vietnam International Commercial Joint Stock Bank (VIB) isthe focal point for arranging this loan, in collaboration with the Taipei FubonCommercial Bank (Hanoi branch) and the First Commercial Bank (HCM City branch).

EVN NPC is one of the five electricity distributioncorporations of the EVN, with management area of 27 provinces in the North andNorth Central regions (excluding Hanoi).

The corporation aims to further develop the grid to meet annualgrowth rate of 13-15 percent from now until 2020.

The successful signing will help EVN NPC carry out investmentactivities to upgrade and expand distribution network in the future.

The Taipei Fubon Commercial Bank and the First Commercial Bank,two of Taiwan’s leading banks, have pledged to provide financial support tocompanies and corporations, supporting the development of Vietnam’s economy.

This agreement is also one of the first syndicated loansarranged by local banks with full co-financing from foreign bank branches in Vietnam.-VNA
VNA
#Northern Power Corporation #Electricity of Vietnam #EVN NPC #Vietnam International Commercial Joint Stock Bank #Taipei Fubon Commercial Bank #financial support for Vietnam electricity #Vietnam News Agency #vietnamplus
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