IFC to provide credit loan for Vietnam’s bank

July 14, 2012 | 09:00

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The International Finance Corporation (IFC) has said it plans to provide a credit loan worth $10 million to the Orientation Commercial Bank (OCB) of Vietnam to support small and medium export-import enterprises.

OCB is the first of two banks in Vietnam participating in IFC’s credit support programme for Vietnamese enterprises, which will help Vietnamese small-and medium-sized enterprises, mainly in the field of export-import, access more capital in the context of common difficulties of global economy.

Simon Andrews, IFC Regional Director for Vietnam, Cambodia, Laos and Thailand, said IFC pledges to improve USD liquidation for the Vietnamese banking system and facilitate the banks’ capital provision to enterprises.

According to OCB acting General Director Nguyen Dinh Tung, the small-and medium-sized enterprises are major customers of OCB and therefore its will expand financial support to those customers.

In the past five years, IFC provided more than $1 billion to small-and medium-sized enterprises in Vietnam through its financial support programme.

Since 2011, the IFC has allocated finance packages with a total value of $20 million to the OCB.

In May this year, OCB also received a credit loan of $25 million to support Vietnamese small and medium enterprises and those managed by women.