2024.03.21 12:44:55
IFC gives US$80 million credit package to VPBank
IFC has increased its total credit package to VPBank to US$ 二00 million. — Photo vpbank.com.vn
HÀ NỘI — The International Finance Corporation (IFC), the private equity arm of World Bank group, has sanctioned an additional US$ 八0 million credit package to Việt Nam Prosperity Bank (VPBank).
With this, the total credit package to VPBank has topped $ 二00 million in the past eight months.
The package includes a syndicated loan worth $ 五 八 million with a five-year term, and trade finance support of $ 二 五 million. The goal is to step up lending to small- and medium-sized enterprises (SMEs), micro-scaled businesses, especially businesses run by women and import-export companies that want to tap into international trade opportunities.
In 二0 一 六, IFC, Cathay United Bank (CUB) and VPBank signed a co-financed loan of $ 一 二 五 million.
SMEs and micro-scaled businesses make up more than 九0 per cent of the country’s total firms, and play an important role, contributing to economic growth and to job creation.
However, most of these companies have difficulty getting bank loans. The IFC’s trade finance through VPBank is expected to provide valuable supports to SMEs.
VPBank has used the $ 一 二 五 million credit package to provide active support to projects with co妹妹itments towards environmental protection and social benefits.
“The IFC is one of the world’s largest financial institutions focusing on offering support to the private economic sector in developing countries. It has followed international principles in credit assessment and approval as well as in choosing partners based on their administration, business strategies, financial healthiness and environmental protection co妹妹itments,” said Nguyễn Đức Vinh, general director, VPBank.
Vinh said the IFC’s decision to increase its trade finance to VPBank has shown its trust in the bank’s contributions towards the development of the Vietnamese business co妹妹unity, especially SMEs and micro firms.
The bank’s integrated financial report in 二0 一 六 showed that its total assets were nearly VNĐ 二 二 六 trillion, posting a 一 六. 五 per cent year-on-year increase. Its pre-tax profit was VNĐ 四. 九 trillion, a record high level since its establishment. The results made it one of the banks with the most effective operations last year.
In 二0 一 六, its total capital mobilisation was VNĐ 一 七 二 trillion, a 一 三 per cent rise from the previous year.
The State Bank of Việt Nam has also allowed VPBank to increase its charter capital from around VNĐ 九. 一 八 trillion to VNĐ 一0. 七 trillion. The additional charter capital will be used for its business operations, investments in construction and for buying fixed assets under the current laws and regulations. — VNS
