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's headquarters in Hanoi. (Photo: courtesy of VPBank)
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.
Under the agreement, some 15 million USD, or 30 percent of the loan, will mainly be earmarked for climate-friendly and energy efficient projects financed by VPBank. This credit source is part of VPBank's commitment to sustainable development, contributing to the development of environmentally friendly projects in Vietnam. The remaining 70 percent of the loan, amounting to 35 million USD, will be dedicated to supporting VPBank’s SME financing activity. The loan will help local SMEs gain more access to bank credit and services, in the current context of fewer financing sources for SMEs in the country.
Magali Roux, Proparco’s Regional Director in Southeast Asia, said their new partnership with a leading local bank could support Vietnamese SMEs and promote green credit to combat climate change.
In January, VPBank signed a green credit loan agreement worth 212.5 million USD with the International Finance Corporation and other international co-financiers. The five-year tenor loan comprises 50 million USD from IFC’s own account, 37.5 million USD from the multi-investor Managed Co-Lending Portfolio Program (MCPP) managed by IFC, and 125 million USD in syndicated loans from the Chinese Bank of Communications Company Limited; Industrial and Commercial Bank of China Limited; Korean KEB Hana Bank; Thai Kiatnakin Bank Public Company Limited; German DEG — Deutsche Investitions- und Entwicklungesellschaft mbH; and multilateral International Investment Bank.
This is the first green loan transaction in Vietnam.
The partnership with Proparco has affirmed VPBank’s prestige as one of the banks in the Top 300 most valuable bank brand names in the world. This is the second time that VPBank has been contracted by reputable financial institutions in the world to provide green credit and finance to support SMEs - one of its three strategic customer segments./.
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