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.

Signatories 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 sectors.

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