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BIDV issues $30m loan to Myanmar bank

Update: November, 22/2014 - 09:43
Representatives of BIDV and SMIDB sign an agreement on a US$30 million loan in Myanmar on November 19. — Photo: VNA
HA NOI (VNS)— The Bank for Investment and Development of Viet Nam (BIDV) will lend US$30 million to Myanmar's Small- and Medium-sized Industrial Development Bank (SMIDB) over five years.

The two parties signed an agreement in principle on the financing in Myanmar's capital Naypyitaw on November 19.

According to a BIDV press release, SMIDB will use the loan to support small- and medium-sized enterprises, industrial development and poverty reduction policies of Myanmar.

Following a memorandum of understanding inked in June, the two sides have also exchanged experiences on the application of information technology and the implementation of trade finance and foreign exchange services. — VNS


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