IFC Grants Extensive Credit Support for SMEs

International Financial Corporation (IFC) said it will provide credit for Orient Commercial Joint Stock Bank (OCB) in a bid to expand credit access to small and medium-sized enterprises (SMEs), especially women-owned or governed businesses. This will help support the development of Vietnamese businesses and continue contributing to Vietnam’s economic development.

 

The credit is worth US$25 million, including US$15 million from IFC and US$10 million from BNP Paribas Bank - the foreign strategic partner of OCB. US$5 million will fund women-led businesses.

 

This is the first time IFC provides a credit exclusive for women-led businesses. IFC - the private sector funding arm of the World Bank - started partnership with OCB in 2011. Through the Global Trade Finance Programme (GTFP), IFC granted a trade finance of US$20 million to OCB, helping the latter enhance risk management capacity when it finances Vietnamese exporters.