US bank to fund local wind farm projects

News - The US Ex-Im Bank has agreed to a policy on a funding package to support wind farm projects in the southern province of Bac Lieu, the bank chairman said Wednesday.

At a meeting with the Vietnamese Development Bank (VDB), Fred P.Hochberg, chairman and president of US Ex-Im Bank, said the total investment for the project is as much as US$200 million.

The two banks also reached an agreement on the capital mobilization method, in which VDB will borrow loans from foreign banks under the guarantee of US Ex-Im Bank.

At present, three international banks, including Credit Agricole, Citibank, and JP Morgan have demanded to participate in VDB’s sponsor project, newswire VnEconomy reported.

Earlier, VDB and US Ex-Im Bank also inked a memorandum of understanding on a credit support worth $1 billion for the Mekong Delta Wind Power Center for the period between 2011 and 2015.

Also at the meeting, VDB CEO Nguyen Quang Dung called on US Ex-Im Bank for additional credit support worth $500 million, after a package worth $1 billion has been disbursed.

The proposal received initial approval from the US chairman.