Business

IFC increases trade finance line

IFC, the private sector funding arm of the World Bank, has expanded a trade finance line to 50 million USD to the Vietnam International Commercial Joint Stock Bank (VIB).
IFC, the private sector funding arm of the World Bank, has expanded atrade finance line to 50 million USD to the Vietnam InternationalCommercial Joint Stock Bank (VIB).

The expansion, from lastyear's level of 30 million USD, is based on the IFC's positiveassessment on financial prospects of VIB, customers' finance needs, andthe bank's efficient disbursement of loans.

The increase, whichis being made under the Global Trade Finance Programme (GTFP) of IFC,has helped VIB greatly improve its payment guarantee capacity in USdollars.

Since joining the GTFP in May 2011, VIB has been able toexpand its trade-finance products to small- and medium- enterprises inkey export and import sectors. The GTFP provides coverage for a varietyof trade related instruments such as import L/C, standby L/C, guarantee,and bill of exchange/ promissory note to support enterprises' importand export activities.-VNA
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