ADB doubles credit limit for SeABank to 60 million USD
The Southeast Asia Commercial Joint Stock Bank (SeABank) said on April 3 that the Asian Development Bank (ADB) has doubled the trade finance limit to 60 million USD, and increased the 5-million-USD limit of the revolving loan for the bank to 10 million USD.
Illustrative image (Source: VNA) HươngSeABank officially joined the ADB’s Trade Finance Programme (TFP) in November 2020 which aims to support trade activities in Vietnam via loans and other financial instruments with limits of up to 18 million USD for guarantees and 5 million USD for revolving loans.
After nearly 8 months from the signing of the cooperation agreement, ADB agreed to enhance the guarantee limit for commercial transactions with a total transaction value of 30 million USD at a given point of time, and maintain the 5-million-USD limit of the six-month-tenor revolving loan.
SeABank said it has effectively supported export-import activities of businesses, and stepped up trade finance transactions.
The increased guarantee limit reflects ADB's confidence and respect for SeABank in terms of reputation, transparency and capital efficiency, as well as its commitment to long-term growth.
The TFP programme combines product knowledge with financial solutions, such as quantitative research on trade finance market gaps, initiatives to strengthen women's roles in the banking sector, environmental protection measures, and anti-crime initiatives through global financial system transparency./.
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