VietNamNet Bridge - Citigroup announced on November 7 it inked a term loan facility worth US $20 million with the Electricity of Vietnam (EVN) to finance EVN's plans for power transmission projects in the northern provinces of Vietnam.

The two partners also signed a Memorandum of Understanding to develop a range of tailored banking services for EVN and electricity users throughout Vietnam.

The centerpiece of this cooperation - through Citibank, a subsidiary of Citigroup - will see Citibank develop an online payment system for EVN's electricity and telecom clients, through its CitiConnect Payment product. The system is expected to be running by the end of the year.

"We want to continue to be a long term partner of EVN," said Mr. Charly Madan, Citigroup Country Officer for Vietnam. "Citigroup will provide banking services to EVN including credit financing in various forms, foreign exchange and capital management, risk management, deposits, collection and payment services."

"Citibank is one of the leading US banks that EVN has the first cooperation relationship with in areas such as payment services, telecom services, different forms of financing, foreign exchange and cash management, risk management and other banking services," said Dinh Quang Tri, EVN Deputy General Director.