Prime Minister Nguyen Tan Dung Monday approved the results of negotiations between Vietnam and the World Bank on a loan agreement for a US$411.72-million hydropower plant, VnExpress reported.
The International Bank for Reconstruction and Development, which works under the World Bank, will give Vietnam a loan of $330 million, while the government will be responsible for the other amount, according to the news website.
In his approval, Dung also assigned the State Bank of Vietnam's governor Nguyen Van Giau to sign the agreement and related documents. Meanwhile, the Ministry of Industry and Trade was authorized to adjust the project of Trung Son plant in the northern province of Thanh Hoa in accordance with the agreement.
Located on the Ma River, Trung Son plant is expected to be completed in 2018 with annual output of 1.55 GWh.