Banks lend to Chinfon Cement

Banks lend to Chinfon Cement
Published: 10 April 2006

The Bank for Foreign Trade of Vietnam (Vietcombank) yesterday represented a consortium of five commercial banks signing an agreement to lend US$120m to the Chinfon Cement Plant.

Under the agreement, Vietcombank will give the cement plant a loan worth US$60m, the Industrial and Commercial Bank of Vietnam (Incombank) US$24m, while the Asia Commercial Bank (ACB), the Southeast Asia Joint Stock Bank (SEAbank) and the Bank of Bangkok’s Hanoi Branch each will provide US$12m.

The Haiphong-based Chinfon Cement Plant will use the loans to finance its second production line, which will have total investment capital of US$160.8m. The new production line is expected to produce 4000tpd of clinker, or 1.4Mta of cement.