08/04/2016 15:43 GMT+7 Email Print Like 0

PM approves WB-funded industrial energy efficiency project

Hanoi, April 8 (VNA) – The Prime Minister approved the portfolio for the World Bank-funded project “Vietnam energy efficiency for industrial enterprises” (VEEIE).

VEEIE aims to improve energy efficiency in the industrial sector, and contribute to achieving the government’s energy efficiency and greenhouse gas reduction objectives.

It plans to save about 1.86 million tonnes of oil equivalent (TOE) and reduce 9.67 million tonnes of CO2 emmision annually, benefiting around 50 industrial enterprises. Some 60 sub-projects on energy efficiency will be developed, while a national database on industrial energy efficiency will be established.

The project will be implemented by the Ministry of Industry and Trade from 2016-2020 at an estimated cost of 314 million USD, including 201.7 million USD in loans from the World Bank.

The Prime Minister has also made amendments to Decision No.1576/QD-TTg dated September 11, 2015 for a project on investment in power transmission line No.3.

Accordingly, the project will be implemented from 2015 to mid-2020, instead of three years as in the initial plan.

Additionally, there will be a decrease of 7.38 million USD in the project budget, due to the reduction in Asian Development Bank (ADB) loans from 238.69 million USD to 231.31 million USD.

The project intends to expand and develop power transmission systems across the nation and ease pressure on the national grid.