IFC to give VPBank 125 million USD finance package

IFC has approved a 125-million-USD finance package for the Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

A transaction is carried out at VPBank (Photo: vtc.vn)

This is the largest loan IFC - a member of the World Bank Group – is providing to a Vietnamese bank in 2016 to date.

The funds are expected to help VPBank expand lending to micro, small- and medium-sized enterprises (SMEs), especially those owned by women, as well as import and export firms.

The package comprises a 100-million-USD five-year syndication loan from the IFC’s own account and from Cathay United Bank. The IFC will also provide VPBank a trade guarantee of up to 25 million USD under the Global Trade Finance Programme (GTFP).

The long-term loan will be divided into two contracts of 50 million USD each. The first contract was signed earlier this week in Hanoi and the second one is expected to be signed in the fourth quarter of 2016.

In 2012, IFC helped the lender develop a comprehensive plan to strengthen its corporate governance practices.


Other news


HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

STK to issue 10.8million shares

The shareholders of Century Synthetic Fiber Corp (code: STK) have approved plan to issue 10.8 million shares.