VND 14,500 billion credit loan contract for Lai Chau hydropower project

July 12, 2013 | 09:06

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A commercial loan contract worth VND 14,500 billion for the Lai Chau hydropower project was signed on July 10th in Hanoi between the Vietnam Electricity Group (EVN) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

With three turbines and a total capacity of 1,200 MW, Lai Chau hydropower plant is the last project in the Da River hydropower plan approved on June 7th, 2010 by the Prime Minister in Decree 819/QD-TTg, with total investment of VND 35,700 billion.

The project not only generates 4,670 million kWh of electricity per year for the country, but also plays important role in preventing floods, supplying water for Red River Delta, contributing to boosting socio-economic development, people’s living standard, and ensuring national security in the Northwestern region of Vietnam.

The project is expected to be a new motivation for economic development, hunger elimination and poverty reduction in Muong Te district, one of the poorest areas in the country.

QĐND

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