EVN ordered to halt non-core investments
16-JUL-2008 Intellasia | VnExpress
Jul 16, 2008 - 7:00:00 AM
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Deputy prime minister Hoang Trung Hai ordered state-owned Electricity of Vietnam to halt investment expansion to other non-core fields along with power sector in order to centralise capital for electricity projects, negotiate with banks about borrowing interest rates of signed and disbursed credit contracts.
Under it, EVN needs to define which projects are given priorities for generation in 2008, 2009 and 2010 and build up disbursement plan for each month and send it to commercial banks to gain initiatives in arranging and disbursing capital for each project.
In addition, EVN also was required to negotiate with commercial banks to sign credit contracts for power projects of Son La, Huoi Quang, Ban Chat, Uong Bi expansion phase 2 and synchronic electricity grid.
There should be to carry out solutions to transform capital structure of power projects such as mobilise FDI, continue equitising the group's enterprises, halt investment in other fields in order to reduce pressure of capital on commercial banks.
The deputy prime minister also required commercial banks to combine with EVN in finalising procedures to sign credit contracts before July 18. In which, State Bank of Vietnam needs to check the implementation of credit contracts signed between commercial banks and EVN.
The finance ministry must soon issue the lending regulation on US$400 million loan sourced from Vietnam Development Bank (VDB) according to the government's direction and carry out guaranteeing for borrowing contract of Song Tranh 2 hydropower project to ensure the enforcement of the contract.
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