PM approved the guaranty for the project under the condition that National Power Transmission Corporation (EVNNPT) shall take charge of arranging sufficient equity for the project following the laws matching with Project deployment progress; register for collateral for asset formed from the loan guaranteed by the Government as regulated in Decree No. 15/2011/ND-CP dated 16/02/2011 about granting and managing Government guaranty and related instruction documents.
EVN supervises and facilitates the implementation of other power supply projects helping the project to be completed on schedule so as to ensure revenues for the project of transmission lines; makes sure EVNNPT implement the project on schedule, use and distribute capital to pay for foreign loans.
In case, EVNNPT cannot ensure capital sources for loan repayment, EVN shall take responsibility to balance the sources so as to pay back the loans in due time as the status of the Holding company and to furnish a written commitment with the Ministry of Finance.
The guarantee fee is 0.25% per annual on the outstanding balance of the guaranteed loans.
The Prime Minister request EVNNPT to undertake to implement the project to ensure the project’s efficiency; on schedule; balancing capital sources; ensuring the full and timely payment of foreign loans in all circumstances; management of investment costs and risks in fluctuations of exchange rate and loan interest rate.
PM Nguyen Xuan Phuc assigned the Ministry of Industry and Trade to supervise and ensure the implementation progress of network and power supply projects under Vinh Tan Power Center to be on the approved schedule; to tightly monitor the finance status of EVN and EVNNPT, to report to the Prime Minister when EVN and EVNNPT encounter difficulties in financing.
The Prime Minister has approved the content of the Guaranty Letter and assigned the Ministry of Finance to represent the Government to sign the Guaranty Letter for the unbound credit contract with NEXI insurance to borrow loans from foreign banks with BNP Paribas Bank being the correspondent bank.
Ministry of Justice shall give Legal opinions on the Guaranty Letter and Guarantor.