Viet banks finance 190-MW Dak Mi 4

Vietnam’s Urban and Industrial Zones Development Corp. (IDICO) has secured US$174 million in financing for construction of the 190-MW Dak Mi 4 hydroelectric project on Vietnam’s Vu Gia-Thu Bon River.

Thanh Nien News reported IDICO, which is developing the project is providing 800 billion dong (US$49.8 million) for the 4.15 trillion dong (US$258 million) project.

In addition, it secured loans of 900 billion dong (US$56 million) from Vietnam’s Bank for Agriculture and Rural Development, 600 billion dong (US$37 million) from Bank for Investment and Development of Vietnam, 500 billion dong (US$31 million) from PetroVietnam Finance Corp., and US$50 million from foreign sources.

The project is to begin operation by 2011 in Phuoc Son District of Quang Nam Province.

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