31 October 2012: The European Investment Bank (EIB) has granted a €150 million loan to Viet Nam to co-finance projects aimed at climate change mitigation. The investments will mainly contribute to the use of renewable energy sources and energy efficiency enhancements.

Magdalena Álvarez Arza, EIB Vice-President, expressed confidence that these investments will promote sustainable and “high-quality economic growth” in Viet Nam.

The loan will be provided via the Ministry of Finance on behalf of the Government of Viet Nam to four state-owned banks that will provide the sources for small-scale climate change projects. The four banks are among the largest in Viet Nam and usually source and manage investment schemes in the energy and industrial sectors.

The EIB has been providing loans in Asia and Latin America since 1993. In 2011, two billion of Euros were additionally set up to address climate change under the Global Climate Change Mandate (2011-2013). Since 1996, EIB financing in Viet Nam has reached almost 650 million of Euros, including this loan. [EIB Press Release]