NPC signs 22.7 million USD loan deal

09:46 | 25/07/2017 Energy

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.

Representatives of EVN NPC and financial partners sign syndicated loan agreement worth 515 billion VND - Photo: vietnamnet.vn

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

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

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

The successful signing will help EVN NPC carry out investment activities 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 to companies and corporations, supporting the development of Vietnam’s economy.

This agreement is also one of the first syndicated loans arranged by local banks with full co-financing from foreign bank branches in Vietnam.

Theo VNA