The Bank for Agriculture and Rural Development of Vietnam (Agribank) has signed an agreement to lend US$56M for construction of the Dak Mi 4 hydroelectric plant in Quang Nam.

The 190MW project, developed by the Urban & Industrial Zone Development Corp (IDICO), is expected to cost US$258M. IDICO, who will provide US$49.9M of the cost, has also signed funding deals with the Bank for Investment and Development of Vietnam, the PetroVietnam Finance Corp, and a number of foreign investors.

The project is located on the Vu Gia-Thu Bon river in Phuoc Son district. Work will start in the first quarter of this year, with completion scheduled for 2011.