EU funds VN’s climate change mitigation efforts
Saturday,
02/12/2023,
09:19(GMT +7)
The European Investment Bank (EIB), the long-term lending institution of the European Union, will provide a € 150 million loan for Viet Nam to help out with its efforts to mitigate climate change impacts.
The Viet Nam Climate Change Global Loan was signed on October 31 in Ha Noi. Vice President Álvarez, who is in charge of the EIB’s operations in Asia, said the bank is strongly committed to actions against climate change as one of the EU’s global priorities.
The loan will foster environmental sustainability and will make long-term financing available for investments that contribute to climate change mitigation through the avoidance, reduction or sequestration of greenhouse gase emissions, by using of renewable energy sources and energy efficiency enhancements.
It will be provided via the Ministry of Finance, as a representative of the Government of Viet Nam, before reaching four state-owned banks for on-lending to small-scale climate change projects.
The four bank recipients, among the largest in Viet Nam, have the ability to source and manage investment schemes in the energy and industrial sectors.
Interested promoters should address their requests to one of the participating banks, which cover different areas of the Vietnamese economy: BIDV, Vietinbank, Agribank and VDB.
This is the second loan of its kind for Viet Nam, the first being the €100 million Viet Nam Climate Change Framework Loan signed in 2009 for financing investments that contributed to climate change mitigation and supporting the EU’s presence in the country.
This loan is being provided under the 2011-2013 Climate Change Mandate and is the EIB’s 8th operation in Viet Nam, where it started operations in 1996.
(Source: By VGP)
