Vietnamese bank gets 150 million USD loan from IFC
The Vietnam International Bank (VIB) has just completed the procedures for the disbursement of a 150 million USD loan from the International Finance Corporation (IFC), a member of the World Bank Group.
Hanoi (VNS/VNA) – The Vietnam International Bank (VIB)has just completed the procedures for the disbursement of a 150 million USD loanfrom the International Finance Corporation (IFC), a member of the World BankGroup.
With a term of five years, the IFC-led loan aims tosupport VIB to boost its loan portfolio for individual customers whoare looking to buy, build, and repair houses. Meanwhile, at least 30% of thedisbursement value will be financed for home loans worth less than 35,000 USD.
Having established a partner relationship since 2011, IFC has provided VIB withmany medium and long-term direct credit packages and hundreds of millions ofUSD worth of syndicated loans.
VIB is also one of the most active banks in the IFC's Global Trade FinanceProgramme with a trade finance limit of up to 144 million USD.
In 2021, total disbursement amount for VIB via IFC's guarantee in GTFP reachedover 242 million USD, up 17% year-on-year. VIB has been honoured withprestigious awards six times within the framework of this programme - 2021Fastest Growing Bank Partner in East Asia and the Pacific and 2019 BestOperations Bank in East Asia and the Pacific.
“IFC is proud to support VIB with this loan which will help make more homeloans available to low- and middle-income families. This will, in turn,boost the development of the housing sector, create more jobs and spur economicgrowth in the country,” said Allen Forlemu, IFC Regional IndustryDirector for Financial Institutions Group, Asia & Pacific.
Han Ngoc Vu, CEO of VIB, said: “In the context of the global economy sendingmany warnings over a looming recession, the international capital market willalso suffer certain impacts. IFC's continued disbursement of a loan with a termof up to 5 years to VIB continues to affirm VIB's prestige and capacity in theinternational capital market, as well as the trust of its partners for thebank."
"The capital from this new loan will be added to the bank's capitalstructure, used to better meeting customers’ demands and enhancing stability inthe face of market fluctuations," he said.
In March, VIB also successfully mobilised a syndicated loan worth 260 million USDfrom the Asian Development Bank and some major banks in the region./.
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A logo of VIB. (Photo courtesy of the bank) 
