ADB Signs Deal to Lend Additional $902.85M to Vietnam Power Project

The Asian Development Bank (ADB) has clinched an agreement to finance an additional $902.85 million for the Mong Duong 1 coal-fired power project in Vietnam’s northern province of Quang Ninh. Signatories were ADB Country Director Ayumi Konoshi and Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau, the Thoi bao Ngan hang newspaper reported Nov 10. The funding, which is the second tranche of the ADB’s $930.71-million credit package pledged for the project, will finance the construction and operation of the 1,000-MW Mong Duong 1 plant. In the first tranche, ADB financed $27.86 million for the preparation for the plant’s construction. Earlier, the investor, the state-run Electricity of Vietnam Group (EVN) planned to start building the plant in the third quarter of this year. The two-turbine plant, along with Mong Duong 2 plant, is part of the 2,200-MW Mong Duong thermal power center in the Cam Pha Township. (Thoi Bao Ngan Hang – Banking Times Nov 10 p2)