|
Hanoi, Vietnam, June 28, 2012—
IFC, a member of the World Bank Group, has agreed to provide Vietnam’s Techcombank with a $30 million loan to increase U.S. dollar financing for small businesses in the export and import sector, helping sustain their operations amid the global credit tightening.
Techcombank will be one of the first two banks to benefit from IFC’s newly launched Vietnam Small and Medium Enterprises Liquidity Facility program, which offers U.S. dollar financing to local banks for lending to businesses involved in trade-related activities.
“Joining IFC’s Vietnam Small and Medium Enterprises Liquidity Facility program is part of our effort to grow our core business of lending to trade-oriented small and medium enterprises,” said Simon Morris, Techcombank‘s CEO. “Thanks to IFC’s support, Techcombank will be able to expand the availability of loans in U.S. dollars for importers and exporters that are facing difficulties finding capital.”
Over the last five years, IFC provided more than $1 billion to support small and medium importers and exporters in Vietnam through its Global Trade Finance Program. Techcombank has been the program’s largest user in Vietnam.
“IFC is committed to improving U.S. dollar liquidity in Vietnam’s banking sector so that banks can keep financing small businesses in today’s tight credit conditions,” said Simon Andrews, IFC’s Regional Manager for Vietnam, Thailand, Cambodia, and Lao PDR. “We expect to have more partner banks participating in this program, creating more opportunities for importers and exporters and other businesses along the supply chain.”
IFC has been a partner of Techcombank since 2003, providing both investment and advisory services to help expand access to finance to Vietnamese small and medium enterprises, a key engine of the country’s growth.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
Stay Connected
About Techcombank
Established in 1993, Techcombank is one of the largest joint stock banks in Vietnam, consistently posting growth in excess of 85 percent on both total assets and net income in 2010 and 2011. As of March 31, 2012, Techcombank’s total assets and total loans outstanding stood at 178.144 trillion Vietnamese dong and 59.997 trillion Vietnamese dong, respectively. With an extensive network of more than 300 branches/transaction offices and over 8,000 professionally trained staff, Techcombank is well placed to serve nearly 60,000 corporate clients and more than 2 million individual customers all over the country. For more information, visit
www.techcombank.com.vn
.
|
