BIDV and AFD enhance co-operation

Sunday, Oct 10, 2021 11:37

BIDV and AFD at the working session. — Photo courtesy of BIDV

BIDV and Agence Française de Developpement (AFD) on Friday in Ha Noi held a working session to strengthen co-operation in the implementation of AFD projects in Viet Nam.

They specifically focused on the implementation of the SUNREF green credit line to support businesses investing in the field of environmental protection, climate change response and green growth.

Since 2017, AFD and BIDV have successfully implemented a SUNREF green credit line worth US$100 million. This is the first financing AFD has granted to a commercial bank in Viet Nam in the form of a direct concessional loan without government guarantee. It is considered one of the AFD’s fastest implemented projects in the world.

In addition, AFD also selected BIDV as the bank to serve many projects such as the Ialy Hydropower Plant extension project worth EUR74.7 million; Se San 4 Solar Power Plant project worth EUR24.2 million,

With no added flooded area, the Ialy hydropower plant extension project aims to take advantage of water overflows to increase electricity production, but more importantly to improve peak load supply and the electricity system stability, reinforcing its availability to integrate more renewable energy.

At the working session, Fabrice Richy, former director of AFD Viet Nam said that BIDV is a bank with extensive experience and reputation in managing foreign entrusted capital sources and providing comprehensive and modern banking products and services to customers. Over the years, BIDV has always been trusted and chosen by AFD as a re-lending bank, serving AFD's capital sources in Viet Nam.

Herve Conan, director of AFD Viet Nam said in the future, the AFD team would be ready to support and further extend the achievements of BIDV and AFD.

The two sides also agreed to strengthen capabilities and expand co-operation contents in the next five years on the basis of results achieved in the past period.

Tran Long, BIDV’s deputy general director said: “AFD's financing to Viet Nam have supported BIDV's customers to get preferential medium and long-term loans, access to international standards on sustainable development for project implementation.

"BIDV hopes that the long-term and close co-operation relationship between AFD and BIDV will continue to be promoted in the coming period.” — VNS

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