Standard Chartered has inked a Master of Agreement with the Bank for Investment and Development of Vietnam (BIDV), committing to a sustainable trade loan of up to $100 million.
This strategic partnership aims to advance BIDV and its clients' sustainability objectives.
The agreement was exchanged on the fringes of COP28 in Dubai on December 1. Present at the ceremony were Prime Minister Pham Minh Chinh, ministers, and representatives of BIDV and Standard Chartered Bank.
Under the deal, Standard Chartered Bank Vietnam will facilitate trade loan financing for BIDV's sustainable transactions, thereby enhancing access to green finance. This collaboration is a pivotal step in supporting Vietnam's green transformation.
Nguyen Thuy Hanh, deputy general director and head of Corporate, Commercial and Institutional Banking at Standard Chartered Bank Vietnam said, "We believe that finance can enable and accelerate the just transition to net-zero as we move towards a nature-positive economy."
"Our trade finance agreement with BIDV is part of our commitment to support our clients and help them access sustainable financing and achieve their climate ambitions. We will continue to work closely with them and their stakeholders to provide access to finance where it matters most and contribute to the sustainable development of Vietnam," added Hanh.
In tandem with this agreement, during COP 28, Standard Chartered and the Vietnamese government signed five MoUs, cumulatively valued at approximately $3 billion.
These MoUs are geared towards supporting local businesses in attaining their sustainability goals.
Demonstrating its commitment to sustainable finance, Standard Chartered has set an ambitious target to mobilise $300 billion in green and transition finance by the end of this decade, marking a substantial contribution to the expansion and impact of sustainable finance globally.
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