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Vietnam: financing projects with climate co-benefits
Project
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Signature date
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Location
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Vietnam
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Financing tool
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Financing amount (Euro)
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8431703,20
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Financing details
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USD 10m loan
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Customer
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EVN Finance
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Type of customer
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Financial institution
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Country of headquarters
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Vietnam
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Project number
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PVN1049
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Environmental and social ranking
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IF-A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
This operation is the first partnership with EVNFinance and will finance renewable energy projects in Vietnam in the context of the country’s fast-growing energy needs.
Client presentation
EVNFinance is a non-banking financial institution specialized in financing Vietnam’s energy sector, with a focus on renewable energy development.
Project description
The operation involves a USD 10m loan to EVNFinance by Proparco to help the institution increase its support to renewable energy projects (solar rooftops and photovoltaic farms) in a context of fast-growing energy needs.
Project impact
The project should:
- Support some 700 jobs over the next 5 years, mainly in the companies financed through Proparco's credit line. Women account for 51% of jobs in the institution, 40% are women managers and 20% are Board members.
- Support the economic development of the country by financing some 110 SMEs which will contribute to the development of formal employment in the energy sector (power transmission, small-scale solar and hydro energy suppliers…).
The project will thereby contribute to SDG 8 (Decent work and economic growth), SDG 7 (Clean energy) and SDG 13 (Climate action).