|A branch of VPBank. The bank has received the loan worth $150 million from IFC to promote sustainable values for the business community and economy. — Photo courtesy VPBank
HÀ NỘI — The International Finance Corporation (IFC) has completed the disbursement of a loan worth nearly VNĐ3.7 trillion (US$150 million) to Vietnam Prosperity Joint Stock Commercial Bank (VPBANK) to promote projects which would create sustainable value for the business community and the economy.
The loan with a five-year term would help VPBank to have more resources to meet the urgent credit needs of small and medium-sized enterprises (SMEs), women-led enterprises and projects in environment protection and climate change response in Việt Nam.
In the context that the world economy and Việt Nam are facing a number of difficulties and challenges, IFC’s disbursement of the $150 million loan to VPBank affirmed the bank’s capacity and reputation in the international arena.
As a dynamic, innovative, and creative bank, VPBank was constantly looking for international capital sources at reasonable costs in order to meet the credit demand for investing in production and business of corporate customers, especially SMEs which accounted for 90 per cent of the number of firms across the country, thereby joining hands with the Government to stabilise the market and promote post-pandemic growth.
The cooperation between VPBank and IFC began many years ago with many loans worth hundreds of millions of US dollars disbursed to the bank.
Specifically, within the framework of the financing programme for pandemic-hit businesses, IFC provided a loan of $100 million to VPBank in 2020, which helped the bank increase liquidity and continue disbursements of new loans for corporate customers while extending the repayment deadlines for enterprises.
Also in 2020, IFC and other international co-sponsors granted VPBank green credit worth $212.5 million, opening a pioneering opportunity in lending for green projects of banks in Việt Nam.
Notably, VPBank inked a syndicated loan agreement worth $500 million in November with five prominent financial institutions. Those included the Asian Development Bank, Sumitomo Mitsui Banking Corporation, Japan International Cooperation Agency, ANZ Bank, and Maybank Securities Pte. Ltd. – a member of Maybank Investment Banking Group. — VNS