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.
Hanoi (VNA) – The Southeast Asia CommercialJoint 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-USDlimit of the revolving loan for the bank to 10 million USD.
SeABank officially joined the ADB’s Trade FinanceProgramme (TFP) in November 2020 which aims to support trade activities inVietnam via loans and other financial instruments with limits of up to 18million USD for guarantees and 5 million USD for revolving loans.
After nearly 8 months from the signing of the cooperationagreement, ADB agreed to enhance the guarantee limit for commercialtransactions with a total transaction value of 30 million USD at a given pointof time, and maintain the 5-million-USD limit of the six-month-tenor revolvingloan.
SeABank said it has effectively supported export-importactivities of businesses, and stepped up trade finance transactions.
The increased guarantee limit reflects ADB'sconfidence and respect for SeABank in terms of reputation, transparency andcapital efficiency, as well as its commitment to long-term growth.
The TFP programme combines product knowledge withfinancial solutions, such as quantitative research on trade finance marketgaps, initiatives to strengthen women's roles in the banking sector,environmental protection measures, and anti-crime initiatives through globalfinancial system transparency./.
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Illustrative image (Source: VNA) Hương 
