IFC to Fund Vietnam SMEs $50M Through VPBank

The International Finance Corporation, a member of World Bank, has agreed to fund $50 million in loans through Vietnam Prosperity JS Bank (VPBank) for small and medium enterprises, especially women-led companies, state media reported. The syndicated loan comprises $25 million from IFC’s own account and another $25 million from Cathay United Bank. A proportion of 25% of the funding will be exclusively earmarked to women-owned SMEs, the World Bank Group’s private lending arm noted. The loan was the first phase of a $125 million financing package from IFC. This package will help the Vietnamese bank to extend lending to the local enterprises and to help boost international trade opportunities, IFC said in a statement. This comes on top of the Women Entrepreneurs Opportunity Facility project launched by IFC and Goldman Sachs in 2014, to help close the credit gap for women-led businesses around the world. (Thoi Bao Kinh Doanh – Business Times Sept 13 p5, dealstreetasia.com Sept 9)