Signing of Credit Financing Contract for Tan Thang Cement Factory Project

(Baonghean.vn) - On the morning of August 13, in Hanoi, the signing ceremony of the Credit Contract to finance the Tan Thang Cement Project took place between the Bank for Investment and Development of Vietnam - BIDV, North Asia Commercial Joint Stock Bank - BACA BANK and Tan Thang Cement Joint Stock Company.

Attending and witnessing the signing ceremony were leaders of the Ministry of Construction, the Real Estate Association, and the Construction Materials Association. On the side of Nghe An province, there were comrades: Ho Duc Phoc, Secretary of the Provincial Party Committee; Huynh Thanh Dien, Vice Chairman of the Provincial People's Committee and representatives of leaders of relevant departments and branches. On the side of the capital sponsors, there were Mr. Tran Bac Ha, Chairman of the Board of Directors of BIDV; Ms. Thai Huong, General Director of Bac A Bank.

Signing ceremony of capital financing contract for Tan Thang Cement Project.

The funders award the Funding Agreement to the project.

According to the Credit Contract signed at the signing ceremony, BIDV and BAC A BANK will finance the Tan Thang Cement Factory project with a maximum capital value of VND 3,150 billion, of which BIDV will finance VND 2,400 billion, Bac A Bank VND 750 billion, the loan term is 12 years, at the same time BIDV and the participating banks will commit to providing full banking products and services to support the investor to complete the project on schedule.

Comrade Ho Duc Phoc, Secretary of Nghe An Provincial Party Committee, spoke at the ceremony.

Mr. Tran Bac Ha, Chairman of BIDV, committed to creating favorable conditions for capital sources to meet the Tan Thang cement project.

Tan Thang Cement Factory Project in Tan Thang Commune, Quynh Luu District has a kiln capacity of 5,000 tons of clinker/day, equivalent to 2 million tons of cement/year. The project was approved by the Government according to the development plan of Vietnam's cement industry for the period 2011-2020 and orientation to 2030, the total investment of the entire project is nearly 5,000 billion VND.

Mr. Nguyen Cao Dien, General Director of Tan Thang Cement Joint Stock Company reported on the project investment preparation process and committed to implementing the project on schedule.

Leaders of Departments, branches and Quynh Luu district attended the credit signing ceremony to finance the Tan Thang cement project.

The signing of the Credit Contract to finance the Tan Thang Cement Plant project will be the basis for the project to synchronously implement the construction of construction items including: Factory, auxiliary areas; installation of production lines and equipment with advanced technology from EU and G7 countries. It is expected that the Tan Thang Cement Plant project will be completed and put into operation in 2017, creating jobs for about 500 direct workers and thousands of indirect workers, contributing about 280 billion VND to the state budget each year./.

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Hoang Vinh