World Bank helps Vietnam promote renewable energy
17:4 - June 17, 2009
An agreement to this effect was signed between the Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau and the WB’s Director in Vietnam, Victoria Kwakwa in Hanoi on June 16.
Under the agreement, the project, capitalised at US$318 million in total, aims to provide more renewable electricity for the national grid to ensure Vietnam’s social development and protect the environment.
Apart from US $202 from the International Development Association (IDA), the World Bank’s concessional lending arm, the remaining investment will come from the government’s own budget, local banks, and private investors.
Speaking at the signing ceremony, WB Director Victoria Kwakwa said “The aim of the project is to increase the supply of electricity to the national grid from renewable energy which is important to help Vietnam expand and diversify its sources of electricity generation and also join Vietnam's efforts to reduce climate change.”
The WB director also pledged that they would work hard with the Vietnamese government, the local banks and most of all the private investors in their efforts to make this project a success.
The Renewable Energy Development Project include three components, the first one being investment in Renewable Energy through participating commercial banks (Bank for Investment and Development of Vietnam, Saigon Thuong Tin Joint Stock Commercial Bank, and Joint Stock Commercial Bank for Foreign Trade of Vietnam, who will provide loans to eligible renewable-based projects not exceeding 30MW developed by private sponsors. The second and third components will help develop the regulatory framework and capacity of the Ministry of Industry and Trade and relevant agencies, as well as help develop other renewable energy projects in the future. /.
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