Global bank Credit Suisse said on Monday it would arrange up to $700 million in credit for Vietnam National Shipping Lines (Vinalines), the first offshore loan for the Vietnamese firm.
Mai Van Phuc, President and CEO of the unlisted Vinalines, said the agreement was part of a memorandum under which it would get from Credit Suisse ratings advisory, fund raising and risk management services, Credit Suisse said in a statement.
The Financial Service Memorandum envisaged the bank to develop a financing programme of up to $1 billion for Vinalines, the first offshore loans for Vietnam's leading shipping firm.
In January Credit Suisse said it had linked up with Vinalines and Vinashin, a leading ship building firm, to work on financing programmes as it ramps up activity in Vietnam's fast-growing economy.
In June it was the rating adviser and sole arranger for a $600 million loan to Vinashin, the global bank said.
Credit Suisse expects Vietnam's economy to grow 9.2 percent this year, after estimated growth of 8.2 percent in 2006.
The forecast is above a Vietnamese government growth projection of 8.5 percent for the whole of 2007.
Source: Reuters
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