Circular No. 195/2009/tt-Btc: Guidelines For Buying And Financial Mechanisms For Credit Limit Times 4 Nordic Investment Bank's

Original Language Title: Thông tư 194/2011/TT-BTC: Hướng dẫn giải ngân và cơ chế tài chính đối với Hạn mức tín dụng lần 4 của Ngân hàng Đầu tư Bắc âu

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Circulars disbursements and the financial mechanism for the credit of times 4 Nordic Investment Bank _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Public debt management pursuant to the law No. 29/2008/QH12 on June 17, 2009;
Pursuant to Decree No. 78/2010/ND-CP dated 14 July, 2010 the Government loans back foreign capital of Government;
Base loan agreement No. 5229 PIL signed on 21 July, 2010 between the Ministry of Finance on behalf of the Government of the Socialist Republic of Vietnam and the Nordic Investment Bank (NIB) about providing 40 million USD credit line (hereinafter the credit limit);
The Ministry of Finance shall guide the implementation of disbursement and the financial mechanism for the credit of times 4 Nordic Investment Bank as follows: article 1. The General provisions 1. The credit limit of the NIB is foreign government loans, the entire loan, repayments are accounted into the State budget.
2. The projects using loans from the credit limit (hereinafter the project) in the project list was approved by the Prime Minister and in accordance with the criteria of the credit agreement, which was approved by the NIB.
3. Financial mechanisms in the country applied for the project is the mechanism for lending has been the Prime Minister for approval in no. 1029/TTg-QHQT on 17/6/2010 and according to the conditions specified in part II of this dispatch.
4. the Vietnam Development Bank is lending institutions are the Ministry of finance authorized to make loans again lenders from credit limit authorized by contract number 04/2011/UQ/BTC-QLN on 29/03/2011 between the Finance Ministry and the Vietnam Development Bank (hereinafter referred to as the authorized contract).
5. The project Owners have a responsibility to use the correct capital purpose and effectiveness, in accordance with the conditions stipulated by the agreement and to perform the obligation to pay the debt in accordance with the regulations in the credit contract signed with Vietnam Development Bank (hereinafter referred to as the credit contract).
Article 2. The specific provisions 1. The conditions of the loan under the main loan currencies-is the US dollar (USD) or Euro (EUR) depending on the proposals of each specific project and be NIB.
-The total value of credit equivalent to 40 million, including the value of each loan in the credit limit (hereinafter the Sub loans Loan) a minimum of the equivalent of $ 1 million and a maximum of the equivalent of us $ 20 million, but not to exceed 50% of the total investment of the project.
-Interest rate: the interest rate for loans with LIBOR (if the loan was disbursed in USD)/EURIBOR (if the loan was disbursed in EUR) + Interest margin (Margin). Margin interest rates specific to each loan will due to identify and notify the NIB finances in A salute to the conditions of the loan when extra loan approval.
-For the extra loans valued at from $ 2 million, or the equivalent, after having disbursed the full extra loans, the Finance Ministry and the NIB can deal shift to fixed interest rates for the entire extra loan if the project Owner has the written proposal submitted to the Ministry of finance no later than 30 calendar days prior to any payment date.
-Repayment term (origin, interest) and the original repayment period of each extra loans will be specified in a corresponding loan conditions of each extra loans according to the principle of the maximum loan period of extra loans is 17 years, of which a maximum grace period of 5 years from the date specified in a corresponding loan conditions of each extra loans.
-Limit the exit of the entire credit limit is January 21, 2013 and can be extended by agreement between the Finance Ministry and the NIB.
-Fee arrangements (front-end fee): $ 5,000 computer once for the entire credit limit, prepaid applications permitted for previous installments of the first disbursement of NIB according to this agreement. The fee for each extra loan arrangements are calculated according to the proportion of capital use of the project compared to the total amount of food use of limits on the total costs for the entire arrangement permitted limit prepaid applications for the NIB. In the case of the actual amount used of the limit changes, the Ministry of finance informs the Server project to collect additional fees for arranging the loans.
-Cost of commitment (commitment fee): 0.25% per year on the basis on the amount of money not yet disbursed daily of each extra loans from the Ministry of finance accepted a corresponding interest rate with extra loans there but except on the fact that the amounts were disbursed out or cancelled. The fee is paid in annual sales commitment according to the day of repayment apply for extra loans.
-Slow interest rate charged is higher than the interest rate in the two following levels: • 150% interest loans back provisions in the loan agreement on the overdue debt again, or • slow interest rate charged to the provisions in the agreement on the overdue debt (equal to LIBOR (if the loan was disbursed in USD)/EURIBOR (if the loan was disbursed in EUR) + Interest margin (Margin) + 2%).
Slow interest rate charged is calculated from the due date without repayment until the actual repayment. Slow interest rate charged will be the Ministry of Finance reported to the lending agency back when the Finance Ministry received notice from the NIB.
2. conditions for the loan again-the Ministry of Finance on behalf of the Government for lending project Home equity loans from credit limit in accordance with the conditions of the loan of the NIB stated at point 1 above. In addition, the project Owner must pay back the loan by 0.25% per year calculated on the original debt.
-Vietnam Development Bank is lending institutions are the Ministry of finance authorized to perform credit limit back lending for home projects and be entitled to fees for the loan under the provisions of the contract authorization.
-Within 15 days of receiving the notice of Ministry of finance regarding the specific terms of the loan, the Vietnam Development Bank are responsible for the credit contract with the project Owner specifies the conditions for the loan of extra loans for the project.
-Project Holders are responsible for payment in full and timely repayment of the original debt, the interest and the fees for NIB and Vietnam Development Bank under the provisions of the agreement and credit contracts.
-Based credit contract, the notice of withdrawal of capital of NIB and burn currency recorded forbidden to withdraw foreign loans through the State budget of the Ministry of finance, Vietnam Development Bank has the responsibility to inform and sign the receipt of each loan contract with project Owners.
3. procedures for the funding of the NIB 3.1 General principles: capital of NIB's credit may bound, only used to finance goods, services originating from the Nordic countries (Finland, Denmark, Sweden, Norway, Iceland) and Baltic countries (Lítva, Látvia, Estônia) or for participatory projects (capital engineering technology, ...) of the water on. Typically, the level of funding of the NIB for a project will depend on the rate of participation of the countries of Northern Europe and Baltic said on that project but does not exceed 50% of the total investment of the project. Specific funding criteria of NIB stated in annex 1 of this dispatch.
3.2 procedure for a project financing proposal) project Ministry of finance the registered project and dispatches the following documents:-a detailed description of the project by the project Owner and the translation into English.
Approval decision report-feasibility study project (original) and the translation into English.
Report-environmental impact assessment (Environmental Impact Assessment) according to the model in annex 3 of this circular.
b) Ministry of finance submitted the project document as above to ask for comments on the funding principle NIB project. In the case of the NIB to approve in principle the funding, Project Server deployment procedure for procurement of supplies, equipment for the project according to the current rules of State tenders, manage construction and investment. (The currency of payment of the commercial contract to provide materials, equipment of the project (hereinafter the commercial contract) is the USD or EUR to match the money borrowed under the agreement and avoid exchange risk (if any)).
c) after the project has finished the procedure of investment projects according to the regulations and had the results in the case of the Nordic contractors winning bid goods that meet the funding criteria of the NIB, the Ministry of finance consultation appraisal of the Vietnam Development Bank and the Ministry of planning and investment before the Prime Minister approved portfolio project. To serve the evaluation project, project Owners submit the Finance Ministry and Vietnam Development Bank, 2 (two) the documents prescribed in point a, paragraph 4, article 19 of Decree 78/2010/ND-CP dated 14 July, 2010 the Government loans back foreign capital from the Government.
d) project Ministry of finance submitted the following documents to complete the submit profile NIB and perform the procedure browser:-approval of the project proposal (Form of Sub Project Request) according to the model in annex 2 of this dispatch, accented by the project Owner.
-The planned exit of the project (maximum of 5 batches) by the project Owner and the translation into English.
-The decision to approve the commercial contract (original) and the translation into English.
-8 commercial contract (originals or certified copies of copies).
-Announce your name, position, stamp and signature of the competent person to represent the project to sign the profile drawing of the project.
DD) after the NIB has the official approval of the project, within the Finance Ministry 15 days notice in writing to the owner of the project and about the Vietnam Development Bank decided to finance the project of the NIB and the specific conditions of extra loans to make the base a credit contract specified the conditions for lending the loan for the project.
4. Instructions to disburse the credit limit 4.1 General principles under the provisions of the agreement, NIB made only disbursed on the basis of drawing form the Finance Ministry submit the certificate from the relevant payment. Profile funds must be transferred to the NIB at the latest 15 days prior to the proposed withdrawal of capital. According to the proposal of the Ministry of finance, the NIB will transfer the payment directly to the seller/provider of commercial contracts or may consider applying different drawing forms (advance, payback) consistent with the requirements of project payment but must be approved in advance by the NIB.
Each loan in the credit limit the maximum disbursement is only 5 batches (Tranche) fit drawn plan of capital projects.
4.2 specific drawing procedure a) direct payments

Based on the plan of drawing projects and progress made in commercial contracts, payment request, the owner of the project submitted to the Ministry of Finance records suggest that withdraw capital consists of the following documents:-The suggested funds, which stated the legal base to the exit , accompanied by the necessary payment instructions (name, account number and the Bank of the seller/provider).
-Invoices or requests for payment of the seller/supplier has been testing and project Owners (signed, stamped) confirm agree to pay according to the terms of the commercial contract has been signed.
-Other documents specified in the contract (deposit guarantee, the guarantee contract, report on implementation, delivery of machinery operators ...) or additional explanatory material if the Ministry of finance and the NIB has requested.
Within a maximum of 5 working days from the date of the full records, vouchers valid payment, the Finance Ministry will review and sign the Petition send drawing NIB.
Within a maximum of 15 working days from the date of application the exit of the Finance Ministry, the NIB will consider transferring the money directly to the account of the seller/provider if accepted payment (or will have the letter to the Finance Ministry to announce the reason if not accepted for payment).
b) advance payment In some special cases, the NIB may consider payment in the form of an advance for Democracy, a project on advance account opened at the Vietnam Development Bank to project Owners can actively and smoothly in paying the small fee or the categories in the country of the project , reduce the number of times the exit from the NIB.
Advance account limit depending on the scale, characteristics and spending needs of the project and will do NIB decided for each specific project.
-First drawing on the account: based on the advance account advance limit and plans to use the capital agreed with the NIB, the owner of the project submitted to the Ministry of finance the following documents: • The suggested exit advance, which stated the legal base to apply for capital advance , accompanied by the necessary payment instructions (recommended amount maximum advance by your account's limit advance, advance account number).
• Plan disbursements from account of the advance of the project.
• The additional explanatory material if the NIB has requested.
Within a maximum of 5 working days from the date of the full records, vouchers valid payment, the Finance Ministry will review and sign the Petition send drawing NIB.
Within a maximum of 15 working days from the date of application the exit of the Finance Ministry, the NIB will review, transfer the money to the account of the advance of the project if the advance payment acceptance (or will have the letter to the Finance Ministry to announce clear reasons if not accepted for payment).
-Withdraw the additional capital advance account: To withdraw additional capital on the basis of the actual expenditures from the account of the advance, the owner of the project submitted to the Ministry of finance the following documents: • The suggested additional funds advance accounts, which stated the legal base to apply for funds and the necessary payment instructions (recommended amount of additional advance account be lower than or equal to the amount deposited).
• Spending-statement from advance account established by the project Owner, clear each expenses (amount, payment date, rates and amounts converted out USD/EUR, payment, content for tưọng beneficiary) of Vietnam Development Bank.
• Account statements to advance the project, certified by the Vietnam Development Bank.
• Escrow receipt of arrears signed between the project Owner and the Vietnam Development Bank, with the primary copies of the Master project.
Within a maximum of 5 working days from the date of the full records, vouchers valid payment, the Finance Ministry will review and sign the Petition send drawing NIB.
Within a maximum of 15 working days from the date of application the exit of the Finance Ministry, the NIB will review, transfer the money to the account of the advance of the project if accepted additional advance payment (or will have the letter to the Finance Ministry to announce clear reasons if not accepted for payment).
5. reporting 5.1 mode in the course of the project, project Owners have the responsibility to submit to the Ministry of finance, the Ministry of planning and investment and Development Bank in Vietnam the following reports:-project reports not later than 6 months from the end date disbursed.
-The annual audit report and provide any other information about the financial situation of the project if the Ministry of finance and the NIB has requested.
The report on the need to be translated into English to submit simultaneously for the NIB as stipulated by the Treaty.
5.2 quarterly, Vietnam Development Bank is responsible for the Finance Ministry report reviews the implementation of the project to use loans and loan repayment plan in the next quarter.
Article 3. Implementation of this circular in force from 15 February 2012.
Vietnam Development Bank, and the project Owner is responsible for the correct implementation of the provisions of this circular.
In the process of project implementation and deployment of the credit limit, if there are obstacles, suggest the bodies, relevant units reflect timely for the Finance Ministry to study the resolution.