The International Finance Corporation (IFC) and Tien Phong Commercial Joint Stock Bank (TPBank) have inked a deal under which the IFC will provide a syndicated loan of 100 million USD to help TPBank extend long-term funding to mirco-, small- and medium-sized enterprises (MSMEs), and individual borrowers through digital delivery channels.
Hanoi (VNA) - TheInternational Finance Corporation (IFC) and Tien Phong Commercial Joint StockBank (TPBank) have inked a deal under which the IFC will provide a syndicatedloan of 100 million USD to help TPBank extend long-term funding to mirco-,small- and medium-sized enterprises (MSMEs), and individual borrowers throughdigital delivery channels.
The five-year financingpackage is likely to improve the Vietnamese banking sector’s competitiveness bypromoting a cashless economy via innovation and competition.
It is expected to createbetween 35,000 and 56,000 jobs over the next five years.
A lack of financialaccess is one of the key challenges for MSMEs, which employ about 77 percent ofVietnam’s labour force and contribute to around 41 percent of the country’sGDP.
According to the IFC - thefinancial arm of the World Bank (WB) - about 70 percent of MSMEs have financingneeds, resulting in a 23.6 billion USD gap, equivalent to 12 percent of GDP.
The IFC’s long-termfunding commitment will enable TPBank to double its MSME portfolio over thenext five years, providing more than 1.8 billion USD in about 46,000 loans by2022. Notably, up to 65 percent of the transactions will be made digitally.
The much-neededsyndicated funding from the IFC and international lenders will help TPBank toimplement a long-term digital strategy to capture the digital demographicgrowth opportunity and increase its reach to the unbanked and under-servedsegment, said TPBank CEO Nguyen Hung.
The syndicated facilityis expected to have a catalytic impact for the Vietnamese banking sector, whichis at a key juncture of mobilising long-term private funding needed to supportthe country’s key development goals of developing SMEs and creating jobs, saidKyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Laos.
The IFC-TPBankpartnership started in early 2016 and has expanded over the years, allowing thebank to help more local companies increase trade, generate revenues and createemployment opportunities.-VNA
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At the signing ceremony (Photo: VNA) 
