VietinBank entrusted to serve WB-financed project

The State Bank of Vietnam (SBV)’s governor on August 24 issued a decision assigning Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) to serve “supports for electricity reform policy development in phase 2″ programme with a total capital of about $200 million financed by the World Bank (WB).

Accordingly, the governor assigned VietinBank to disburse for this programme according to the loan contract and finance contract signed on May 11, 2012 between representatives of Vietnam and WB.

VietinBank’s general director was assigned to be responsible for the implementation of the provisions to better serve the project.

The loan contract and finance contract for this project include finance contract (64.5 million special drawing rights-SDR, equaling to $100 million from International Development Association-IDA) and loan contract ($100 million from International Bank for Resconstruction and Development-IBRD).

The programme aims to support Vietnam to deploy competitive electricity market, power sector restructuring and building new electricity prices in order to encourage effective competition, timely investment in the power sector, especially on the stage of power generation and improve the efficiency of electricity use in order to achieve the goal of providing enough electricity for the economy with the lowest costs. At the same time, the programme is in association with the aim of improving the living standards of people by building electricity prices mechanism for the poor and rural electrification.

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