ABD provides Vietnam water plant BIWASE $8 million loan

Xuan Thinh Tuesday | 11/17/2020 16:43

The ADB's $8-million loan aims to assist the expansion of the Tan Hiep Water Treatment Plant in Binh Duong province (Illustrative photo: VNA)

The Asian Development Bank has signed an agreement to provide $8 million loan to Binh Duong Water Environment JSC (BIWASE) for sustainable water services improvement in Vietnam, statement said.

The fund is expected to help expanding the Tan Hiep Water Treatment Plant in Binh Duong province, one of the fastest-developing provinces of Vietnam.

The expansion will increase production capacity, install additional water intake pumps, and build raw water transmission pipes from the Dong Nai River intake facility, ADB said in a statement.

Under the expansion plan, the water plant will meet the rising water demand of residential and industrial customers in Ben Cat town, Tan Uyen town, Binh Duong new city, and Thu Dau Mot city of the province, where industrial zones provide jobs for nearly 1.3 million locals and more than 500,000 foreigners.

The financing package also includes a parallel cofinancing of $8 million from the Japan International Cooperation Agency.

“This financing will deliver sustainable and efficient water supplies in this fast-growing province, spurring its future growth and contribution to the broader economy,” said Infrastructure Finance Division Director for Southeast Asia, East Asia, and the Pacific at ADB's Private Sector Operations Department Jackie B. Surtani.

The technical assistance will provide capacity building on financial management and climate-resilient business and operational planning. It will also enhance the legal foundation of the business and operational framework between BIWASE and the Binh Duong Provincial People’s Committee.

BIWASE was founded in 1975 as a government-owned entity. It became a joint-stock company in 2016 and listed on the Ho Chi Minh Stock Exchange in 2017. Currently, BIWASE has a total daily water production capacity of 311,300 cubic meters, and its services cover 78% of Binh Duong province’s population.

► Japan’s JFE Engineering acquires 3.87% stake in Vietnam’s water firm

Same category news

Hot news of the day

Latest news