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IFC helps Vietnamese bank aid SMEs amid COVID-19

The International Finance Corporation (IFC) – a member of the World Bank Group – will provide another 40 million USD for the Orient Commercial Bank (OCB) to help with the support of COVID-hit clients, especially small and medium enterprises (SMEs).
IFC helps Vietnamese bank aid SMEs amid COVID-19 ảnh 1Representatives of IFC and OCB at the signing of the loan agreement (Photo: VNA)

Hanoi (VNA) – The International Finance Corporation (IFC) – amember of the World Bank Group – will provide another 40 million USD for the OrientCommercial Bank (OCB) to help with the support of COVID-hit clients, especiallysmall and medium enterprises (SMEs).

The one-year renewable senior loan will offer OCB additional liquidityto continue lending to businesses as it is offering payment relief to itsborrowers at the same time.

OCB will prioritise clients working in sectors facing direct impact ofCOVID-19 like tourism and production as well as those related to diseaseresponse activities.

“Our experience from past shocks, including the global financial crisis2008, has taught us that micro, small and medium enterprises are especiallyimpacted by the current crisis. Keeping them solvent is therefore key to savingjobs and limiting the economic damage,” said Kyle Kelhofer, IFC Country Managerfor Vietnam, Cambodia and Laos.

He noted the IFC’s support to OCB will not only help the bank extendpayment relief to clients but also enable it to offer new loans to SMEs,supporting continued operations and preserving jobs, thereby acceleratingVietnam’s economic recovery.

Nguyen Dinh Tung, CEO of OCB, said the bank is reviewing and adjustingits credit programmes to make them more suitable for the current situationwhile continuing the implementation of preferential policies for firms toaccess capital and restore operation, thus helping with the recovery of the nationaleconomy./. 
VNA
#COVID-19 #IFC #OCB #SMEs #International Finance Corporation #World Bank Group #Orient Commercial Bank #payment relief #liquidity #Vietnam #Vietnam news agency #vietnamplus
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