IFC grants US$25 million to small-and-medium-sized enterprises

The IFC granted a credit package worth US$25 million to Orient Commercial Joint Stock Bank to increase capital accessibility for small-and-medium-sized enterprises.

The International Finance Corporation (IFC) on May 24 granted a credit package worth US$25 million to Orient Commercial Joint Stock Bank (OCB) to increase capital accessibility for small-and-medium-sized enterprises, especially those managed by women.
The credit includes US$15 million directly sponsored by the IFC and US$10 million assisted by BNP Paribas bank, a foreign strategic partner of OCB.

All sides agreed to spend US$5 million out of the total expanding credit opportunities for businesses owned by women.

Nguyen Dinh Tung, acting general director of OCB, said the credit will target such fields as production, imports, exports, trade, service and agriculture.

Simon Andres, IFC’s Regional Manager of Vietnam, Thailand, Cambodia and Laos, said the credit will help OCB reinforce capital capacity and business growth, create more jobs and increase incomes.