IFC Extends Credit Supports for Importers, Exporters

International Financial Corp (IFC) recently agreed to lend Orient Commercial Joint Stock Bank (OCB) with US$10 million to support small and medium importers and exporters, helping them stabilise operations in the context of global tightening credit.

 

OCB will be one of first two banks to borrow from the liquidity supporting programme for small and medium sized enterprises (SMEs) in Vietnam launched by IFC recently, which is intended to provide credit to local banks to lend enterprises operating in export import activities.

 

In the past five years, IFC has provided more than US$1 billion to support small and medium sized exporters and importers in Vietnam via its global trade finance programme.

 

IFC has been partner of OCB since 2011. Through its global trade finance programme, IFC has provided tools valued at up to US$20 million for OCB. In May, IFC also joined a credit package worth US$25 million for this local bank to lend SMEs and women-owned firms.