HANOI, Vietnam, Nov. 10, 2022 /PRNewswire/ — U.S. International Development Finance Corporation (DFC) and Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) sign finance agreement for a US$200 million loan to facilitate financial access and reduce the credit gap for women-owned small and medium enterprises (SMEs) while addressing climate issues.
U.S. International Development Finance Corporation (DFC) signs agreement of granting US$200 million loan to SeABank within 7 years
DFC is the U.S. government’s development finance institution that uses financial tools to promote private investment in developing countries. DFC prioritizes economic and financial soundness, as well as the development objectives of its partners’ projects. Recent projects approved by DFC target socioeconomic development of developing countries, specifically focusing on food security, climate change, gender equity, and increasing financial access.
This project is projected to have a developmental impact by providing loans to SMEs, with a portion dedicated to women-owned SMEs, energy efficiency-related projects, and retail clients, including individual entrepreneurs.
With support from DFC, SeABank will enhance its financial capability to carry out projects targeting women-owned SMEs, dealing with the credit gap between the addressable demand of the market and the existing supply in the economy. Additionally, the Bank is committed to international standards while continuously improving its environmental and management system and policies to help address climate issues.
"DFC and SeABank share a commitment to support socioeconomic development while minimizing relating carbon emissions and environmental damage. We are grateful for the precious belief and significant support of DFC, which would facilitate our sustainable development strategies of creating long-lasting values and prosperity for the community." SeABank’s Vice Chairwoman of the Board of Directors Le Thu Thuy said.
Before DFC, International Finance Corporation (IFC) also granted a US$75 million investment in form of convertible loan for SeABank. The Bank has also received a financial package of US$ 220 million by IFC and 5 international investment funds including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC, and ResponsAbility Investments AG to provide financial assistance to SMEs, women-owned SMEs and addressing climate crisis.
This showcases SeABank’s community-driven, sustainable commitment and the acknowledgement of world-class financial organizations for SeABank. SeABank’s growth and reputation is further affirmed by the upgrading of ratings to Ba3 from B1 by Moody’s, the Bank’s increasing charter capital to US$853.4 million, as well as several honors and awards like Top 1000 World Banks (The Banker), Vietnam’s National Brand 2022 (Vietnam Ministry of Industry and Commerce), etc.