Cision PR Newswire
DFC grants an up to 200 million USD loan to Vietnam's SeABank
News provided bySEABANK
Jun 21, 2022, 9:02 PM ET
HANOI, Vietnam, June 21, 2022 /PRNewswire/ -- U.S. International Development Finance Corporation (DFC) has announced its approvement of 34 transactions valued up to1.4 billion USD that advance development impact in developing countries. Among these projects, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) is the only Vietnam-based bank to be approved an up to $200 million loan in order to encourage socioeconomic development in the country through supporting women-owned, women-led corporations, SMEs, and addressing the climate crisis.
U.S. International Development Finance Corporation (DFC) is an independent U.S. government's development finance institution. DFC partners with the private sector to provide finance support and solutions for projects with great economic potential and new economical tools that enable it to grant loans and offer credit solutions. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology; while provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets; adhere to high standards and respect the environment, human rights, and worker rights.
According to DFC's annoucement in this quarter, it has approved several transactions of development priorities, focusing on food security, climate change, gender equity, and increasing financial access. These 34 approved projects total more than $1.4 billion, in which 22 transactions assist Corporations in developing regions including Africa, Asia, Eastern Europe, and Latin America and the Caribbean.
Among the approved corporations in this quarter, SeABank is the first and only financial organization in Vietnam receives an up to $200 million loan to encourage socioeconomic development, particularly supporting women-owned, women-led corporations, SMEs, and addressing the climate crisis – one of the developmental strategies that SeABank prioritizes.
DFC's loan for SeABank will help enhance the bank's financial capability to carry out its planned projects, focusing on addressing the credit gap for women-owned and women-led corporations, SMEs, dealing with the difference between the addressable demand of market and the exisiting supply in the economy.
Before receving the loan from DFC, SeABank has been granted a $150 million loan package by IFC and 5 international investment funds include Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC, and ResponsAbility Investments AG to provide financial assistance to SMEs, women-owned, women-led corporations and addressing climate crisis. This showcases SeABank's commitment to sustainable development strategies, affirming its credibility, great impacts of sustainable projects as well as the acknowledgement of world-class financial organizations for SeABank.
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