IFC, international investment funds inject additional US$70 million into SeABank
VOV.VN - The International Finance Corporation (IFC) and five international investment funds have expanded their funding package into the Southeast Asia Commercial Joint Stock Bank (SeABank), raising it from US$150 million to US$220 million.
This package will continue to help expand lending to small and medium enterprises (SMEs), especially women-owned businesses, whilst simultaneously increasing access to climate finance and boosting international trade opportunities.
The five international investment funds include Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC, and ResponsAbility Investments AG.
IFC and SeABank officially signed a credit financing package back in June worth US$150 million in order to help local businesses, especially women-owned businesses, to undergo a resilient recovery after the COVID-19 pandemic.
The package consists of US$80 million from IFC’s own account, along with US$50 million which is to be mobilised from international lenders, in addition to a US$20 million trade finance line.
IFC has also implemented a consulting programme with the goal of helping SeABank to develop its loan portfolio specifically for women-owned businesses, promote climate financing projects, and improve its management capacity over environmental, social, and governance factors in banking operations.
Furthermore, SeABank has also deployed a number of preferential policies for women-owned businesses by diversifying types of credit grants and offering free e-service packages in the process of supporting businesses with digital transformation.
In addition, SeABank has launched a special promotional scheme for the group with a minimum lending VND interest rates of 5.6% annually.
