To assist finance with the construction of a thermal power station in Vietnam, the Export-Import Bank of China (Eximbank) said Tuesday it had signed an agreement to provide a US$147 million loan for the project.  

 

The power station, to be operated by the Vietnam Coal and Minerals Group, is a major project in the Asian country's power generation development plan for 2006-2010.

 

The project will have two generating units each with a capacity of 110 megawatts. At a cost of US$212 million the power station is expected to be operational by 2008.

 

China's Shanghai SFECO group won the contract to build the main part of the power station at a cost of US$173 million.

 

Eximbank, a major government-owned policy bank in China, has been actively involved in helping Chinese contractors to compete in the international market.

 

According to the bank, it has so far provided US$1 billion in buyers' credit loans to foreign power station projects built by Chinese contractors.

 

(Xinhua News Agency May 10, 2006)