Financing agreement for renewable energy development project extended

September 02, 2016 | 18:26

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PM Nguyen Xuan Phuc has decided to extend the financing agreement (4564-VN) and the non-refundable aid agreement (TF98460) for the World Bank-funded Viet Nam Renewable Energy Development Project (REDP).

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Specifically, the duration of the project will be extended to June 30, 2018 for the financing agreement (4564-VN) and until June 30, 2017 for the non-refundable aid agreement (TF98460).

The PM has assigned the State Bank of Viet Nam (SBV) to work with relevant agencies to finalize the amendments to the abovementioned agreements in line with the current legal regulations.

The Ministry of Industry and Trade has been tasked to coordinate with the SBV and Ministries of Justice and Foreign Affairs to complete all legal procedures for the extensions; perform formalities concerning the adjustment of the feasibility research report in accordance with current regulations; and work with the WB to review, adjust and reach consensus on the project implementation outcomes and indicators.

* PM Phuc has also approved of adjusting the investment guidelines for the “Integrated Water Management and Urban Development in Relation to Climate Change” in Ninh Thuan province, which uses non-refundable aids from the Belgian government.

The Ninh Thuan provincial People’s Committee has been asked to issue a decision on the adjustment of the Project Document within its jurisdiction, and instruct the implementation of the project in order to achieve the envisaged goals.

The PM has authorized leaders of the Ministry of Planning and Investment to sign a diplomatic note on the specific amendments to the agreement between the two governments on additional funding for the project.

VGP

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