SeABank to get $200 million loan for socioeconomic, climate initiatives

By Mary-Katherine Stinson

Lexington, Ky., Nov. 10 – Southeast Asia Commercial JSB (SeABank) signed a finance agreement with U.S. International Development Finance Corp. (DFC) to grant SeABank a $200 million loan within seven years, according to a press release.

The purpose of the loan is to encourage socioeconomic development in Vietnam by increasing access to finance and reducing the credit gap for women-owned small- and medium-sized enterprises (SMEs) while addressing the climate crisis. Loans will be made to SMEs, with a portion dedicated to women-owned SMEs, energy efficiency related projects and retail clients including individual entrepreneurs.

The bank has also received a financial package of $220 million by International Finance Corp. (IFC) and five 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 to address the climate crisis. Previously, IFC had granted SeABank a $75 million convertible loan.

The bank also reported it has received an upgraded rating to Ba3 from B1 by Moody’s and has increased its charter capital to $853.4 million.

SeABank is based in Vietnam.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.