Vietinbank, one of the leading commercial banks in Vietnam, will provide a loan to Electricity of Vietnam (EVN) to build the Duyen Hai No.3 thermo-power plant project.

A credit agreement to this effect was completed between the two parties in Hanoi on November 29. The agreement stipulates that the 6,200 billion VND (291 million USD) loan will be repaid over 120 months, including a 48 month grace period.

The loan will be used to pay in advance 15 percent of the total value of the Duyen Hai project, implemented under an Engineering, Procurement and Construction (EPC) agreement.

Located in southern Tra Vinh province, the 1,200 megawatt Duyen Hai No.3 coal-fired power plant is expected to generate electricity to the national grid by 2015.-VNA