EVN Finance secures $30 mln loan from Dutch bank FMO
EVN Finance JSC, a Vietnamese non-bank financial institution established by state utility Vietnam Electricity (EVN), has secured a $30 million loan from the Dutch Entrepreneurial Development Bank (FMO).
In a Wednesday statement, EVN Finance, listed on the Ho Chi Minh Stock Exchange (HoSE) as EVF, said the two sides signed an agreement for the loan on Monday, on the sidelines of the Green Economy Forum & Exhibition (GEFE) 2024 in Ho Chi Minh City.
Representatives of EVF and FMO at an event in Ho Chi Minh City on October 21, 2024. Photo courtesy of the GEFE 2024.
EVF will utilize the five-year loan to help develop green projects, micro- small-medium enterprises (MSMEs), and women-owned SMEs, in line with EVF’s business path for 2024 and beyond.
As of end-September, EVF’s foreign borrowings and green bond issuance had reached VND6.5 trillion ($256 million). Of which, over 70% was utilized to finance green and inclusive projects per EVF’s sustainable growth target. A major funding source for EVF came from European financial institutions.
EVN jointly established EVF in 2008 and has divested entirely from the firm. EVF did not have any major shareholder (with more than 5% of voting shares) as of end-2023, according to its annual report.
In its financial statement for the first nine months of this year, EVF said its post-tax profit surged 56% year-on-year to VND429.8 billion ($16.9 million). Its net interest income nearly tripled in the period to VND1,152 billion.
EVF shares ended Wednesday up 2.3% at VND11,150 ($0.44) apiece.
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