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Treasury & Capital Markets
IFC expands credit package for SeABank to US$220 million
Vietnamese bank to use funds for lending to SMEs and climate projects
Nguyen Tuong Thuy 21 Jan 2022

The World Bank’s International Finance Corporation (IFC) and other financial institutions have increased a loan package for Hanoi-based Southeast Asia Commercial Joint Stock Bank (SeABank) to US$220 million. The funds will be used for lending to small and women-owned businesses in Vietnam, as well as to promote climate finance.

SeABank and IFC signed in June 2021 a US$150 million financing package, comprising US$80 million from IFC’s own account, US$50 million from international lenders, and a US$20 million trade finance line.

The Vietnamese bank announced on January 18 that IFC and international lenders have decided to provide another US$70 million, raising the total credit and trade finance line to US$220 million.

The fresh funding comes from IFC, Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KasikornBank, the OPEC Fund for International Development, and responsAbility Investments.

IFC says climate finance is a new area in Vietnam with climate investment opportunity estimated at US$753 billion between 2016 and 2030 as the Southeast Asian country aims to reduce greenhouse gas emissions by 9% by 2030 to mitigate the impact of climate change. IFC has provided US$30 million, which SeABank will allocate for climate-friendly projects.

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