- Promoting Viet Nam’s SMEs, women-owned businesses and climate financing
Promoting Viet Nam’s SMEs, women-owned businesses and climate financing
The OPEC Fund’s US$35 million loan to Southeast Asia Commercial Joint Stock Bank (SeABank) supports sustainable economic recovery from the COVID-19 pandemic.
The financing will help bridge the funding gap for small and medium-sized enterprises in the country as well as contribute to environmental sustainability.
It complements a US$80 million loan from the International Finance Corporation (IFC) as well as a US$20 million trade limit and a US$85 million IFC-arranged syndicated loan from international lenders.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to partner with SeABank and join forces with international lenders to provide financing in support of Viet Nam’s sustainable economic growth. Increasing access to finance for SMEs, especially women-owned businesses, will help reduce inequalities in line with the Sustainable Development Goals.”
SeABank General Director Le Thu Thuy added: “Supporting SMEs and women-owned enterprises has always been a priority of our development strategy and remains our responsibility as these enterprises are facing the challenges of the COVID-19 pandemic. SeABank is honored to have won the trust and financial support of the OPEC Fund.”
SMEs account for 98 percent of businesses and 50 percent of employment in Viet Nam and are the backbone of the country’s economy. Women-owned businesses have been disproportionately affected by the COVID-19 pandemic due to reduced access to financial services and business interruptions resulting from obligations such as childcare during lockdowns. The OPEC Fund loan is provided under its COVID-19 emergency facility.