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US$140M loan for Gia Lai

STATE-OWNED COMMERCIAL banks have teamed up to provide Electricity of Viet Nam (EVM) with a loan of US$140M for the construction of the Se San 3 hydro plant in the Tay Nguyen province of Gia Lai, Vietnam.

The Bank for Investment and Development of Vietnam (BIDV), whose US$45M contribution was the largest in the syndicated loan, signed the loan contract with EVN in Hanoi on 8 April 2002.

The Gia Lai 270MW power plant, with US$290M in investment capital, will join the existing Yaly hydro plant 20km away to supply power for central Vietnam. Construction is due to begin in June 2002 and last five years.