World Bank Funds US$20M to Boost Lending to Rural Vietnam

The World Bank has agreed to finance US$20 million for Vietnam’s rural finance project 3 through Bank for Investment and Development of Vietnam to help 5,000 small and medium companies and families in rural areas to gain access to loans for production, BIDV said in a statement.

 

BIDV will distribute that fund to eight banks such as Maritime Bank, Kien Long Bank, Techcombank, Military Bank, Sacombank, Habubank, Saigon Bank and West Bank within this month, BIDV noted.

 

BIDV and WB reached a deal for the fund in mid May.

 

Under the project, BIDV is expected to draw US$60 million to boost lending to rural Vietnam via 22-24 local banks this year. (BIDV’s release)