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Thursday, June 13, 2024

VIB secures syndicated loan of US$260 million from ADB, other institutions

The Saigon Times

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HCMC – The Vietnam International Bank (VIB) has successfully secured a syndicated loan worth US$260 million from the Asian Development Bank (ADB) and other Asian financial institutions.

VIB will use the loan to lend to small and medium enterprises (SMEs), business owners and individuals who want to repair and purchase homes, the local media reported.

The three-year unsecured loan included US$100 million from ADB and US$160 million sourced from nine leading Asian financial institutions by ADB and the United Overseas Bank.

In the framework of the deal between VIB and ADB, the two sides will conduct a program worth US$500,000, sourced from the Women Entrepreneurs Finance Initiative, to provide technical support to female entrepreneurs. This is ADB’s first aid for a Vietnamese bank to encourage women’s business spirit.

VIB CEO Han Ngoc Vu said the cooperation agreement showed the bank’s partnership with ADB and the efforts of the relevant parties in helping its SME and individual clients to access loans as they are in dire need of capital to recover and develop production and business after the pandemic.

According to Suzanne Gaboury, director general of ADB’s Private Sector Operations Department, banks played an important role in removing obstacles in accessing capital of individuals and SMEs, contributing to Vietnam’s sustainable development.

Lim Lay Wah, managing director of UOB’s financial institutions group (banks, non-bank financial institutions, global property funds and financial sponsors), said through the cooperation with ADB and VIB, the bank believed that many individuals and companies in Vietnam could access the loan to bounce back strongly after the pandemic.

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