US bank pledges US$1bln credit for wind power projects

The Export-Import Bank of the US has agreed on a credit package worth US$1 billion for a wind power development programme in the Mekong River Delta between 2011 and 2015.

A letter of intent to this effect was signed in Hanoi on October 18 by representatives of the Vietnam Development Bank (VDB) and US EXIMBANK. Under the deal, VDB is allowed to borrow international loans channelled through the US bank for wind power projects in Vietnam.

Currently, phase I of such a project is under way in the southern province of Bac Lieu, using VDB’s domestic loans. The first turbine with equipment imported from the US’s General Electric Company will be inaugurated in early November 2011.

Project investors will negotiate a business contract with General Electric to supply equipment to the project, using loans from US EXIMBANK.

According to Vu Duc Dam, Minister and Chairman of the Government Office, Vietnam is being seriously affected by climate change. The Vietnamese government encourages and creates conditions for developing environmentally-friendly technology.

David Shear, US Ambassador to Vietnam, who witnessed the signing of the deal, said the US Government is interested in developing renewable energy in Vietnam. US investment in the Bac Lieu project will help contribute to meeting the goal of increasing cooperation between the two countries.

By LM

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