A credit contract worth 25 million USD was signed on May 24 in Ho Chi
Minh City for the Orientation Commercial Bank (OCB) of Vietnam to
support small and medium enterprises.
were OCB, the International Finance Corporation (IFC), a member of the
World Bank Group and the French BNP Paribas bank.
Under the contract, IFC will provide OCB with 15 million USD; the
remainder will be from BNP Paribas - the strategic partner of OCB. This
is one of IFC’s first syndicated loans for a Vietnamese bank.
According to OCB General Director Nguyen Dinh Tung, with the loan, OCB
will help Vietnamese small and medium-sized enterprises – mainly in the
field of production, import-export business, trade, service and
agriculture – access more capital.
OCB will also
give priority to environment protection projects, with the aim of
ensuring a clean, green environment for both community and business
Simon Andrews, IFC Regional Director for
Vietnam , Cambodia , Laos and Thailand said this is a new lending
method for international credit, which could be applied to other banks
in Vietnam .
The additional provision of credit from IFC to OCB raises IFC’s total OCB finance package to 45 million USD.-VNA