Vietcombank and JBIC sign US$200 million contract for renewable energy development

Vietcombank and JBIC signed a credit contract to finance renewable energy projects in Việt Nam. — VNS Photo 

HÀ NỘI — The Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) and the Japan Bank for Co-operation (JBIC) on Tuesday signed a US$200 million credit contract to finance renewable energy projects.

Accordingly, JBIC will arrange loans from four leading commercial banks in Japan including MUFG Bank Ltd, Mizuho Bank Ltd, the Joyo Bank Ltd and the Nishi-Nippon City Bank Ltd with terms of 14 years for green energy projects in Việt Nam.    

Speaking at the ceremony, Phạm Quang Dũng, Vietcombank’s general director, said the signing was an important landmark for the two sides’ relationship and opened a new period for co-operation to fully exploit their potential.

Kazuhisa Yumikura, managing executive officer and global head of Infrastructure and Environment Finance Group of JBIC, said JBIC had been making efforts to expand funding methods for the renewable energy sector. Last July, JBIC launched its Global Facility to Promote Quality Infrastructure Investment for Environmental Preservation and Sustainable Growth (QI-ESG) and expects to launch more projects aimed at protecting the environment.

In recent years, green credit has become a common global trend and has played an important role in promoting sustainable socio-economic development as well as contributing to realising green growth strategies in different countries. — VNS 

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