Citi Vietnam and the Vinacomin have signed a contract on a term-loan of 300 million USD to finance the construction of bauxite mining and alumina project in Lam Dong Province.
Citi Vietnam and the Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin) on Nov. 14 signed a contract on a term-loan of 300 million USD to finance the construction of bauxite mining and alumina project in the Central Highlands province of Lam Dong.
Tan Rai Alumina Plant. Photo by Dantri
The 13-year loan has been guaranteed by the Vietnamese Ministry of Finance and insured by the Japanese agency Nippon Export and Investment Insurance (NEXI). Under the terms of the agreement, Citi is the sole NEXI co-ordinator and the Joint Lead Arranger together with Mizuho Corporate Bank, Ltd, Sumitomo Mitsui Trust Bank Limited, and the Bank of Tokyo-Mitsubishi UFJ, Ltd.
This is the first bauxite and alumina project ever undertaken in Vietnam, and it is critical to the development of these resources in the country for sales to domestic and export markets, and for the socio-economic development of the Central Highland region. The financing deal marks the first time that NEXI has provided untied loan insurance for a bauxite and alumina project.
Le Minh Chuan, President and CEO of Vinacomin said: "The 300 million USD loan agreement is the largest agreement ever for Vinacomin. This financing is particularly meaningful as it will be used to finance Vinacomin's Lam Dong Bauxite – Alumina Complex Project, an important national development with direction and support from the Government. The loan will have a significant impact on the success and effectiveness of the project."
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