Vietinbank to loan US$100 million for mining

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SaiGon GP English - 33 month(s) ago 4 readings

Vietinbank to loan US$100 million for mining

Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) on January 19 signed an agreement to provide a VND2.1 trillion (US$100 million) loan for the Nhan Co Alumina mining project in the central highland province of Dak Nong.

The bank has inked a credit contract with the Vietnam Coal and Mineral Industry Group (Vinacomin), the project's investor, in Hanoi.

The Nhan Co bauxite-alumina project comprises of two components. The first will be a bauxite refining plant, expected to supply 1.65 million tons of bauxite each year. The second will be an alumina plant with capacity to produce 650,000 tons per year.

The project is expected to foster sustainable socio-economic development, security and political stability in the Central Highland and accelerate the regional economic restructuring from agro-forestry to a multi-sector economy with industry and services as its basic components.

Under an approved plan for the period 2007-2015, Vietnam will build a number of alumina plants with a combined output of 6.4 million tons per annum.

On the same day, Vietinbank held a ceremony to hand over 200 houses to poor households in Kon Tum Province. The bank also offered 200 Tet gifts, worth more than VND500 million, to poor households.

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