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VPBank, Proparco cooperate to promote green credit in Vietnam

VPBank and Proparco - the private sector financing branch of Agence Française de Développement (AFD) have signed a 50-million-USD loan with the aim of supporting climate-friendly initiatives, green and energy efficient projects, as well as small-and-medium enterprises (SMEs) in the country.
VPBank, Proparco cooperate to promote green credit in Vietnam ảnh 1VPBank's headquarters in Hanoi. (Photo: courtesy of VPBank)

Hanoi (VNS/VNA) - VPBankand Proparco - the private sector financing branch of Agence Française deDéveloppement (AFD) have signed a 50-million-USD loan with the aim of supportingclimate-friendly initiatives, green and energy efficient projects, as wellas small-and-medium enterprises (SMEs) in the country.

Underthe agreement, some 15 million USD, or 30percent of the loan, will mainly be earmarked for climate-friendly and energyefficient projects financed by VPBank. This credit source is part ofVPBank's commitment to sustainable development, contributing to the developmentof environmentally friendly projects in Vietnam. The remaining 70 percent ofthe loan, amounting to 35 million USD, willbe dedicated to supporting VPBank’s SME financing activity. The loan will helplocal SMEs gain more access to bank credit and services, in the current contextof fewer financing sources for SMEs in the country.

MagaliRoux, Proparco’s Regional Director in Southeast Asia, said their newpartnership with a leading local bank could support Vietnamese SMEs and promotegreen credit to combat climate change.

InJanuary, VPBank signed a green credit loan agreement worth 212.5 million USD with the International Finance Corporationand other international co-financiers. The five-year tenor loan comprises 50million USD from IFC’s own account, 37.5million USD from the multi-investor ManagedCo-Lending Portfolio Program (MCPP) managed by IFC, and 125 million USD in syndicated loans from the Chinese Bankof Communications Company Limited; Industrial and Commercial Bank of ChinaLimited; Korean KEB Hana Bank; Thai Kiatnakin Bank Public Company Limited; German DEG — Deutsche Investitions-und Entwicklungesellschaft mbH; and multilateral International Investment Bank.

Thisis the first green loan transaction in Vietnam.

Thepartnership with Proparco has affirmed VPBank’s prestige as one of the banks inthe Top 300 most valuable bank brand names in the world. This is the secondtime that VPBank has been contracted by reputable financial institutions in theworld to provide green credit and finance to support SMEs - one of its three strategiccustomer segments./.
VNA
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