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Vietnam and ADB sign new hydropower project agreement
Under the authorization of the Vietnamese Government, SBV Governor Nguyen Van Giau joined Mr. Ayumi Konishi, Country Director of the Resident Mission of the Asian Development Bank (ADB) in Vietnam in signing the loan agreement for Song Bung 4 Hydropower Project in Hanoi on October 6th, 2008.
The Song Bung 4 Hydropower Project, which is located in Nam Giang District of the central province of Quang Nam, costs a total of US$ 265.91 million, of which US$ 196 million is provided by ADB in the form of ordinary capital resources (OCR), and US$ 69.91 million is contributed by Vietnam Electricity (EVN).
When completed, the Project will contribute to helping Vietnam meet its growing power demand which is expected to increase by 16% per year through 2010, and by 12% annually thereafter. The construction of this Project is planned to last from 2008 to 2013.
Addressing the ceremony, Governor Nguyen Van Giau expressed his strong belief that the Project, which is administered by EVN, will be implemented successfully with the support of the Government, the assistance of ADB, and close co-operation of the relevant ministries and sectors to create a driving force for sustainable economic growth and poverty reduction.
The Song Bung 4 Hydropower Project consists of two components, namely a 156-megawatt hydropower in Bung river, and relocation and maintenance of the normal livelihoods for the project-affected local population.
SBV
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