Ha Noi, Vietnam, November 10, 2022 /PRNewswire/ — American International Development Finance Corporation (DFC) and Southeast Asia Commercial Joint Stock Bank (SeABankstock code: SSB) signs a financing agreement for a $200 million loan to facilitate access to finance and reduce the credit gap for women-owned small and medium-sized enterprises (SMEs) while tackling climate issues.
DFC is the US government’s development finance institution that uses financial tools to promote private investment in developing countries. DFC favors the economic and financial solidity, as well as the development objectives of its partners’ projects. Recent DFC-approved projects target socio-economic development in developing countries, specifically focusing on food security, climate change, gender equity, and improving financial access.
This project is expected to have a development impact by providing loans to SMEs, with a portion dedicated to women-owned SMEs, energy efficiency related projects and retail clients including individual entrepreneurs.
With support from DFC, SeABank will build its financial capacity to deliver projects targeting women-owned SMEs, addressing the credit gap between addressable market demand and existing supply in the economy. In addition, the Bank is committed to meeting international standards while continuously improving its environmental and management system and policies to help address climate issues.
“DFC and SeABank share a commitment to supporting socio-economic development while minimizing carbon emissions and environmental damage. We are grateful for DFC’s valuable belief and strong support, which would facilitate our sustainable development strategies aimed at creating enduring values and prosperity for the community.” Vice-Chairman of the Board of Directors of SeABank Le Thu Thuy said.
Prior to DFC, International Finance Corporation (IFC) also granted $75 million investment in the form of a convertible loan for SeaBank. The Bank also received a financial envelope of $220 million by IFC and 5 international investment funds, including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC and ResponsAbility Investments AG to provide financial assistance to SMEs, women-owned SMEs and address the climate crisis.
This showcases SeABank’s long-lasting, community-focused commitment and recognition from world-class financial organizations for SeABank. SeABank’s growth and reputation are further enhanced by Moody’s rating upgrade from B1 to Ba3, the increase in the Bank’s share capital to US$853.4 millionas well as several honors and awards like Top 1000 World Banks (The Banker), from vietnam National Brand 2022 (Vietnamese Ministry of Industry and Commerce), etc.