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Vietnam: Guarantee letters for foreign loans approved for Hydroelectricity Projects Buon Kuop and Buon Tua Srah.

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Dodgy deals
, Feb 27 2007

Section: Regional News - The PM has just ratified the Guarantee Letters and allowed the Ministry of Finance to sign these letters for the borrowing contracts between the Vietnam Electricity Group (EVN) and the Hanoi branch of Calyon Bank and the China Import-Export Bank. Accordingly, the guarantee charge will be 0.25% per annum of the debit balance of the guaranteed loans. The payment coefficient in the first five years for the Buon Kuop and Buon Tua Srah Hydroelectricity Projects are 1.63 and 1.15 respectively. These are two projects in which all products are subsidized.

For the contract between EVN and the China Import-Export Bank, the PM entrusted the Ministry of Justice to give legal opinions on the Borrowing Contract, Borrower, Guarantee Letter and Guarantor. The Ministry of Foreign Affairs was assigned to appoint the Vietnamese Embassy in Beijing to function as the representative of the guarantor and the borrower to receive procedural documents. - VNGOVNet

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