SeABank gets $75 million loan for socioeconomic, climate initiatives

By Marisa Wong

Los Angeles, Oct. 14 – Southeast Asia Commercial Joint Stock Bank (SeABank) received a $75 million convertible loan from International Finance Corp. (IFC), according to a press release.

The purpose of the loan is to encourage socioeconomic development in Vietnam by increasing access to finance for small- and medium-sized enterprises, supporting women-owned and women-led SMEs and addressing the climate crisis.

SeABank will commit to not funding new coal-related activities. This will help contribute to Vietnam’s climate targets including phasing out coal-fueled power generation by 2040 and achieving net zero carbon emissions by 2050.

This commitment by SeABank will be a condition for IFC’s consideration to convert this loan to SeABank common shares within the next five years.

SeABank is based in Vietnam.

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