ADB loans 300 million USD to BIDV to support Vietnamese SMEs

The Asian Development Bank (ADB) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) on Wednesday signed a 300-million-USD loan agreement to support the growth and productivity of small- and medium-sized enterprises (SMEs) in Vietnam.

The package is comprised of an A loan of 200 million USD provided by ADB and a B loan of 100 million USD provided by 12 commercial lenders, divided into a three-year tranche and a five-year tranche. The loan will make ADB the first development finance institution to provide long-term lending to BIDV. ADB will work with BIDV to implement an environmental and social management system. Digital finance will be promoted through the introduction of new digital products to reach financially under-served populations in rural areas, including SMEs owned by women.

Source: VOV5