Hanoi (VNA) – The International Finance Corporation (IFC) will offer a loan of 40 million dollars to the Vietnamese bank SeABank to support local companies in the face of the impacts of the COVID-19 pandemic, announced the member institution of the Group of the world Bank.
The financing is part of a package of up to $ 150 million, which aims to expand lending to small and medium-sized enterprises (SMEs) – especially women-owned businesses -, increase access to climate finance and boost climate change. international business opportunities.
The package will include $ 80 million from the IFC and $ 50 million to be mobilized from international institutions, in addition to a $ 20 million credit line.
With a strategy to expand its reach to women-owned SMEs, the financing of the CFI It will help SeABank triple its current loans to those companies, representing about 25 percent of its total portfolio dedicated to SMEs by 2024, the corporation said.
In addition, IFC helps SeABank to support the sustainable development of Vietnam with 30 million dollars that will be allocated to climate projects. That CFI support is expected to help SeABank build a $ 60 million climate finance portfolio by 2024.
Kyle Kelhofer, IFC Director for Vietnam, Cambodia and Laos, said the new partnership with SeABank reaffirms the international institution’s commitment to support the continued development of a strong financial sector in Vietnam.
The investment in SeABank reiterates the IFC’s confidence in the bank and its strategic direction to increase financing for SMEs and climate finance, fostering green and inclusive growth and helping Vietnam better recover after the COVID-19 pandemic. , he assured. /.
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