The Orientation Commercial Bank of Vietnam will get a credit loan worth US$10 million from the International Finance Corporation to support SMEs.
OCB is the first of two banks in Vietnam participating in IFC’s credit support programme for Vietnamese enterprises, which will help Vietnamese small and medium export-import enterprises mainly in the field of export-import.
Simon Andrews, IFC Regional Director for Vietnam, Cambodia, Laos and Thailand, said IFC pledges to improve USD liquidation for the Vietnamese banking system and facilitate the banks’ capital provision to enterprises.
Since 2011, the IFC has allocated finance packages with a total value of 20 million USD to the OCB.
In May this year, OCB also received a credit loan of 25 million USD to support Vietnamese small and medium enterprises and those managed by women.
OCB acting General Director Nguyen Dinh Tung noted that SMEs are major customers of OCB and will therefore expand financial support to those customers.
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