The World Bank’s financial arm IFC has approved a five-year convertible loan of $75 million to support SeABank’s growth and increase targeted lending to small- and medium-sized enterprises.
Of the total package, at least $20 million will be earmarked exclusively for on-lending to women-led SMEs, IFC stated Thursday.
The entire loan is on IFC’s own account, the World Bank investment arm added.
Hanoi-headquartered SeABank, a leading commercial bank in the country, announced this January that IFC and five international lenders increased a loan package earlier granted to it from $150 million to $220 million to further support targeted lending to SMEs.
The five credit suppliers are Banque Internationale de Commerce-BRED, Blue Orchard Microfinance Fund, Kasikornbank, the OPEC Fund for International Development, and responsAbility Investments.
U.S. International Development Finance Corporation said this June it had approved a $200 million loan to SeABank to back SMEs and for climate finance.