ADB aids Viet Nam’s Mong Duong thermal power plant

09/10/2007 -- 9:07 PM

Ha Noi (VNA) – The Asian Development Bank (ADB) has decided to provide a loan of 931 million USD to Viet Nam’s Mong Duong thermal power plant No. 1. The loan will be rolled out under a two-stage financing programme, of which the first stage is worth 28 million USD with the second worth 903 million USD. A framework financing agreement for the Mong Duong thermal power project and the loan agreement for its first-stage loan of 28 million USD was signed by ADB Country Director to Viet Nam Ayumi Konishi and Governor of the State Bank of Viet Nam Nguyen Van Giau in Ha Noi on October 9. The Mong Duong thermal power project will adapt new “clean coal” technology that enjoys a reduced impact on the environment. Once operational, the plant will add 2.200 megawatts of generating capacity to Viet Nam’s electricity system in 2012. Viet Nam’s demand for electricity is growing at a rate of 16 percent per year. The country’s continued economic development hinges on its ability to keep up with this growing demand. Power shortages pose a serious and growing threat to Viet Nam’s sustainable economic development. “Viet Nam needs to diversify its energy resources to ensure a reliable, long-term source of power to fuel the nation’s development,” Konishi said at the signing ceremony. Meanwhile, Governor Nguyen Van Giau said that once operational, the Mong Duong thermal power plant will help minimise the dependence on hydro-electric sources, contributing to a stable electricity supply in the dry season and boosting the country’s socio-economic development, particularly in its northern areas. Viet Nam is one of six priority countries for clean energy investment assistance under the ADB’s 1 billion USD a year energy efficiency initiative.-Enditem
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