MSB receives funding of $100 million for sustainable development

November 11, 2023 - 05:26

Việt Nam Maritime Commercial Joint Stock Bank (MSB) and the Dutch Entrepreneurial Development Bank (FMO) recently signed a letter of intent to cooperate on a medium and long-term loan

Representatives of MSB and FMO at the signing ceremony. — Photo courtesy of MSB

HÀ NỘI — Việt Nam Maritime Commercial Joint Stock Bank (MSB) and the Dutch Entrepreneurial Development Bank (FMO) has recetly signed a letter of intent to cooperate on a medium and long-term loan of US$100 million.

The signing ceremony is within the framework of the Việt Nam - Netherlands High-Tech Business Forum Conference.

In particular, FMO and the Dutch Fund for Climate and Development (DFCD) plan to support small and medium-sized businesses (SMEs) and environmentally friendly initiatives with up to $100 million for a maximum of nine years.

FMO will also help MSB modernise its environmental and social risk management system to meet international requirements.

A representative of MSB said that the bank would encourage the development of credit products that meet sustainability standards.

The fund also shows MSB's ability to meet environmental and social (E&S) criteria and the bank's orientation in increasing the importance of environmental and social factors in work.

The bank aims to concentrate on green credit including low-carbon emission technologies, climate change prevention, and renewable energy.

MSB has included the social and environmental risk management procedures into the loan evaluation and approval process starting on June 1 this year.

The move helps MSB access to funding from international organisations, supporting the goal of achieving zero net emissions by 2050. — VNS

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