VN seeks capital for recycled energy-based electricity

The signing ceremony between the SBV and WB – Photo: VGP

Accordingly, the WB will provide Việt Nam with a preferential loan of US $202 million to help the country enrich its electric power supply through using renewable energies.

The sum comes from the International Development Association’s (IDA) fund for developing countries.

Beside the WB’s committed credit of US $202 million, the rest is mobilized from the Government’s budget, Vietnamese commercial banks and private investors.

Speaking at the signing ceremony, Mrs. Victoria Kwakwa, WB Country Director in Việt Nam, said that the project aims to diversify the country’s electricity supplies and help Việt Nam cope with impacts of the global climate change.

WB will closely cooperate with the Vietnamese Government, local banks and investors to successfully implement the project, she said.

It is reported that the capital will be given to private investors, through such commercial banks as BIDV), Techcombank, Sacombank and Vietcombank, to conduct small-scale renewable energy projects (less than 30MW).

Some money is also used to create a legal framework, improve capacity of relevant agencies as well as develop future renewable energy projects.

By Hải Minh