Prime Minister has approved a guarantee for the project, under conditions that National Power Transmission Corporation (EVNNPT) shall allocate sufficient equity for the project, which is in accordance with project implementation schedules; register an ensured assets for the assets arisen from credit provided with guarantee by the Government as regulated in Decree No. 15/2011/NĐ-CP on February 16th 2011 on provision and management of Government’s guarantee and the relevant guiding documents.
Vietnam Electricity (EVN) is responsible for monitoring, pushing up the implementation of relevant power generation projects to ensure power supply for the transmission line projects; monitoring EVNNPT’s project implementation progress, the fund use and loan repayment. In case the loan repayment is not ensured by EVNNPT, EVN as a Mother company shall arrange to ensure the in-time loan repayment and provide a commitment to Ministry of Finance.
Guarantee fee is 0.25%/year based on the loan unpaid amount.
Prime Minister requires EVNNPT to implement project effectively, in accordance with schedule; reconcile fund sources, ensure a sufficient and timely repayment in any cases; manage the investment costs, risk on exchange rate and interest rate fluctuation.
Prime Minister Nguyen Xuan Phuc assigned Ministry of Industry and Trade to monitor and ensure the implementation progress of transmission line projects and power generation projects of Vinh Tan Power centre as approved schedule; follow-up closely the financial situation of EVN and EVNNPT, report Prime Minister if EVN and EVNNPT face with financial difficulties.
Prime Minister approved the contents of Guarantee letter and assigned Ministry of Finance to, on behalf of Government of Vietnam, sign the Guarantee letter for the NEXI-untied loan, in which fund provided by various foreign banks and BNP Paribas is a Mandated Lead Arranger and Agent bank.
Ministry of Justice is assigned to provide the legal opinions on guarantee letter and Guarantor.
Baochinhphu.vn