Source: EVN
On September 9 in Hanoi, Electricity Vietnam (EVN) signed with KfW, a German government-owned development bank, a €120-million (US $152.3 million) credit agreement to finance the project on improving energy efficiency in rural areas.
The project has total investment of some €162 million (US $206 million), of which €120 million (US $152.3 million) is soft loan of the German government, and €42 million (US $53.3 million) is reciprocal capital of its investor – EVN. The loan is due in 9 years.
The project, slated for implementation in the 2010-2013 period in 26 provinces nationwide, is to upgrade medium and low-voltage power grids in rural areas to reduce electricity losses, ensure safety and increase quality of electricity supply.
Addressing at the signing ceremony, EVN General Director Pham Le Thanh said: “This is an important event marking the fine cooperative ties between Germany and Vietnam in general and its power sector in particular.”
