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Bank backs climate mitigation   2009-05-28 - Viet Nam News

The European Investment Bank yesterday committed to provide 100 million euros (US$138.9 million) to Viet Nam, mainly to finance climate change mitigation projects.

A turbine propeller is set up at the Binh Thuan Wind Turbine Power Plant. Financing from the European Investment Bank will be used for climate-change mitigation through projects in renewable energy and energy efficiency.

The provision will be carried out under an agreement signed yesterday between bank director for lending in Asia Francisco de Paula Coelho and Deputy Minister of Finance Tran Xuan Ha.

Speaking at the signing, Ha said the agreement showed the continuous and comprehensive co-operation between the ministry and the bank in supplying credit to projects in Viet Nam.

It was also a good sign of a belief in Viet Nam’s development by the bank and the international community, he said.

"This is the Government’s borrowing, thus the ministry will pay much attention to project supervision and loan management."

Coelho said investment in renewable energy and energy efficiency was one of the priorities in the bank’s lending policy.

He said a recent Asia Development Bank study showed Viet Nam was one of the Asian countries most vulnerable to climate change, partly because of its long coastline.

However, the bank recognised Viet Nam still had great potential to mitigate climate change if it improved the management of its forestry and land and used renewable energy sources such as solar and wind energy, he said.

Under the agreement the Ministry of Finance will, on behalf of the Vietnamese Government, make the loan available to four State-owned banks who will lend to benificiaries implementing projects of climate change mitigation.

Seventy per cent of the credit will be used for climate change mitigation through projects in renewable energy and energy efficiency sectors. The rest is to be used to support European community presence in Viet Nam through direct investment or transfers of technology and knowhow from Europe to Viet Nam.

The four State-owned commercial banks are the Viet Nam Development Bank, the Viet Nam Bank for Agriculture and Rural Development, the Bank for Investment and Development of Viet Nam and the Viet Nam Bank for Industry and Trade.

This is the second lending operation with the Ministry of Finance which received a 30 million euro ($41.7 million) in credit in 2005 for financing small- and medium-sized projects.

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