Vietnam Maritime Commercial Joint Stock Bank and Proparco, a development finance institution partly owned by the French Development Agency, inked a loan cooperation agreement worth $30 million with a 5-year term on December 16. This agreement is set to support financial resources for Vietnam's green projects.
MSB and Proparc entered into this agreement with the shared goal of fostering long-term economic and social value creation via cooperative sustainable development efforts.
Accordingly, Proparco will provide MSB with technical assistance to enhance the bank’s capacity to implement an environmental and social management system up to the highest international requirements.
Nguyen Hoang Linh, general director of MSB said, "Benefits for customers, shareholders, and the interests of different stakeholders all factor into MSB's pursuit of sustainable growth. We anticipate that MSB's dedication to incorporating environmental, social, and governance aspects into its business strategy will be strengthened by Proparco’s assistance, thus allowing the bank to continue contributing positively to economic growth."
"In addition to assisting with developing green projects in Vietnam, MSB will work with customers to provide practical financial solutions and offer guidance on achieving a sustainable equilibrium between economic, social, and environmental outcomes in their projects.”
The partnership with Proparco is further evidence of MSB's market dominance, an essential first step toward meeting international standards on green credit, and a concerted effort to advance the National Strategy on green growth for the years 2021-2030, which prioritises economic reorganisation linked to growth model innovation, environmental sustainability, and social justice.
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By Luu Huong