Northern Power Corporation under Electricity of Viet Nam (EVN NPC), signed a syndicated loan agreement worth VND515 billion (US$22.7 million) last week for the period of seven years.

Viet Nam International Commercial Joint Stock Bank (VIB) is the focal point for arranging this loan, in collaboration with Taipei Fubon Commercial Bank (Ha Noi branch) and First Commercial Bank (HCM City branch).

EVN NPC is one of the five electricity distribution corporations of the Viet Nam Electricity Group, with management area of 27 provinces in the North and North Central regions (excluding Ha Noi).

The corporation aims to further develop the grid to meet annual growth rate of 13-15 per cent from now until 2020.

The successful signing will help EVN NPC carry out investment activities to upgrade and expand distribution network in the future.

Taipei Fubon Commercial Bank and First Commercial Bank, two of Taiwan’s leading banks, have pledged to provide financial support to companies and corporations, supporting the development of Viet Nam’s economy.

This agreement is also one of the first syndicated loans arranged by local banks with full co-financing from foreign bank branches in Viet Nam. — VNS