, Vietnam

IFC grants $40m loan to Vietnam’s SeABank to expand SME lending

It’s the first phase of a $150m package for expanding SME lending, reducing greenhouse gas emissions.

The International Finance Corporation (IFC) has provided a $40m loan to Vietnam’s Southeast Asia Commercial Joint Stock Bank (SeABank), the first phase of an up to $150m financing package.

In a press release IFC said that the funding package is aimed at helping SeABank expand lending to SMEs, especially women-owned businesses, and to increase access to climate finance.

The package will comprise up to $80m from IFC's own account and $50m to be mobilized from international lenders, in addition to a $20m trade finance line.

At least $20m has also been earmarked for women-owned SMEs (WSME), with support from the Women Entrepreneurs Finance Initiative (We-Fi). The IFC's funding will reportedly help SeA Bank triple its current WSME lending, with the goal that it will account for about 25% of its total SME portfolio by 2024.

IFC will advise SeABank to establish a women's banking strategy in order to enable women-owned SMEs close a $4.9b financing gap in Vietnam. This gap reportedly accounts for more than 20% of the total financial shortfall of SMEs in Vietnam, according to IFC.

In addition, IFC is helping SeABank to support Vietnam to reduce greenhouse gas emissions with $30m to be allocated for climate-friendly projects. IFC's support is also expected to help SeABank build a $60m climate-finance portfolio by 2024.

To decrease greenhouse gas emissions, the bank will support more green buildings and resource-efficient initiatives.

 

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.