Vietnam signs NIB credit worth US$30 million

On September 21, 2004 in Hanoi, an agreement was signed on a credit worth US$30 million for investment projects of Nordic countries in telecommunication, small hydro electricity, processing industry, vocational training, medical equipment and environment in Vietnam.
     Present at the signing ceremony were Ms. Le Thi Bang Tam, Vice-Minister of Finance (MOF), Mr. Jon Sigurdsson, President of Nordic Investment Bank (NIB), Mr. Soren Mortensen, Vice President in charge of Asia-Pacific and representatives of MOF, MPI and others.
     NIB has financed several programmes and projects in Vietnam since 1996. NIB credits are long-term (up to 20 years including grace period of five years) most suitable for development and business projects. In addition to co-financing with bilateral partners from Nordic countries in such major projects as Song Hinh hydro electric station, Bien Hoa coffee plant, expansion of Bai Bang paper mill, Tam Diep cement plant, NIB has also provided credits to three electric projects (EVN) with a total value of US$85 million, US$20 million through Vietnam Bank of Investment and Development to private small and medium enterprises, US$15 million to coal projects (Vinacoal).
     This US$30 million credit is the fifth of NIB in 2004 and the 12th for Vietnam so far, bringing the total commitment of NIB to US$213 million ever since 1996.
     During his working visit to Vietnam, Mr. Jon Sigurdsson was received by Deputy Prime Minister Vu Khoan and signed with MPI additional document to the framework agreement.

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