WB lends 1.9 mln USD to Ca Mau power project

15/10/2009 13:23:01 - views: 2,334

The World Bank has recently provided an additional loan of 1.9 million USD (42 billion VND) to Vietnam ’s southern-most province, Ca Mau, for a rural electrification project.

According to the Director of the Ca Mau Department of Industry and Trade, Le Minh Khoi, the financing will be spent to build an electricity grid spanning six communes of Khanh Hoa, Phu Thuan, Rach Cheo, Phu My, Vien An Dong and Dat Mui.

Once completed in September 2010, the project will provide electricity to a total of over 4,300 households.

The project will have a significant impact on people’s lives, helping thousands of households in remote and far-flung areas escape from the blurry light of oil lamps and thereby greatly improve their lives, said Nguyen Van Khai, head of the electricity management office at the provincial Department of Industry and Trade.

The total cost of the project is estimated at 52.6 billion VND, with the majority (42 billion VND) being funded by the WB and the remainder coming from the provincial budget. The WB’s no-interest loan has a 40-year period with a 10-year grace period.

This is the second loan that the bank has given to Ca Mau’s rural electrification project, following a previous grant of nearly 2 million USD in 2006./.

Source: Vietnam News Agency


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