Vietcombank and JBIC sign a credit contract to finance renewable energy projects in Vietnam (Source: VNA)

Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Japan Bank for International Cooperation (JBIC) have signed a 200 million USD credit contract to finance renewable energy projects in Vietnam.

Accordingly, JBIC will arrange loans from four leading commercial banks in Japan including MUFG Bank Ltd, Mizuho Bank Ltd, the Joyo Bank Ltd and the Nishi-Nippon City Bank Ltd with terms of 14 years for green energy projects in the Southeast Asian country.    

Speaking at the signing ceremony on June 25, Vietcombank General Director Pham Quang Dung said the signing of the contract was an important landmark for the relationship between the two sides and opened a new period for cooperation to fully exploit their potential.

Kazuhisa Yumikura, managing executive officer and global head of Infrastructure and Environment Finance Group of JBIC, said JBIC had been making efforts to expand funding methods for the renewable energy sector. Last July, JBIC launched its Global Facility to Promote Quality Infrastructure Investment for Environmental Preservation and Sustainable Growth (QI-ESG) and expects to launch more projects aimed at protecting the environment.

In recent years, green credit has become a common global trend and has played an important role in promoting sustainable socio-economic development as well as contributing to realising green growth strategies in different countries.-VNA