OeEB contributes to strengthening MSME in Vietnam
OeEB provides a long-term credit line of USD 13 million to Vietnam Prosperity JSC Bank, as part of a USD 50 million syndicated loan arranged by IFC. The funds are dedicated to the financing of local micro, small and medium-sized enterprises (MSME). 25% of the funding will be exclusively earmarked to women-owned MSME.
|Project name||Vietnam Prosperity Bank|
|Region||Southern and Eastern Asia|
|Sector||Financial sector / Microfinance / SME|
|OeEB project volume||USD 13 million |
|Project partner(s)||Vietnam Prosperity Bank|
MSME are the backbone of the Vietnamese economy and therefore play a significant role in the country's economic development. The limited access to finance however hampers their business activities and development.
Vietnam Prosperity Bank is specialised on providing financial services to MSME. With its wide branch network it can reach even remote rural areas. The credit line helps Vietnam Prosperity Bank expand lending to local MSME, thus contributing to the creation of jobs and the strengthening of the private sector.