IFC provides record funding for Vietnamese businesses

July 22, 2011 | 14:04

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The International Finance Corporation, a member of the World Bank Group, on July 22 committed a record $505 million in the fiscal year 2011 to help Vietnamese businesses increase their import and export activities.

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This sum will be transferred to businesses through the Vietnamese commercial banks under the Global Trade Finance Programme (GTFP).

Simon Andrews, IFC Regional Manager for Vietnam, Laos, Cambodia and Thailand said: “By complementing banks’ capacity to deliver trade finance solutions, IFC has helped ensure continued trade flows vital to enterprise growth despite liquidity constraints.”

The programme, since its launch in Vietnam in late 2007, has helped improve the capacity of nine banks to cover the payment risk in granting trade financing to local companies, mostly small and medium enterprises.

Under the programme, the banks have issued 268 guarantees to support one billion dollars in trade finance transactions.

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