ADB, SHB strike deal to provide trade loans in Vietnam
The Asian Development Bank (ADB) said it signed a Revolving Credit Agreement (RCA) with the Saigon-Hanoi Commercial Joint Stock Bank (SHB) on February 21.
Hanoi (VNA) – The AsianDevelopment Bank (ADB) said it signed a Revolving Credit Agreement (RCA) withthe Saigon-Hanoi Commercial Joint Stock Bank (SHB) on February 21.
Under the agreement, ADB'sTrade Finance Program (TFP) will provide a 20 million USD direct loan to SHB tosupport pre-shipment and post-shipment trade transactions.
The revolving credit facilitywill enhance SHB's capacity in providing trade-related loans to its clients,including for pre-export finance of agricultural products, garments, andelectronics for export to markets such as China, Japan, and Singapore.
'We are pleased to work withSHB to increase support to companies, including small- and medium-sizedbusinesses. More support for trade means more economic growth and more jobcreation,' said Eric Sidgwick, ADB Country Director for Vietnam.
SHB became a partner bank inADB's TFP in early 2016. In less than 12 months, TFP has supported a total of 25SHB transactions worth over 160 million USD. The revolving credit facility isTFP's second agreement with SHB.
SHB is one of the largestcommercial banks in Vietnam with total assets of more than 215 trillion VND,about 7,000 employees, and an extensive network of nearly 500 outlets inVietnam, Laos, and Cambodia. SHB serves nearly 4 million individual customersand businesses.
“Participating in TFP underRCA helps diversify our trade finance products and services. We stronglybelieve that the partnership with ADB in this programme will lead to morefuture opportunities of cooperation between the two institutions,” said SHB CEONguyen Van Le.
The TFP has been operating inVietnam since 2009 and currently works with 11 local partner banks. To date,the programme has conducted 5,262 transactions, supporting 7.8 billion USD intrad♏e in Vietna♏m - mostly for small- and medium-sized enterprises.-VNA
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Illustrative image (Source: tribune.com.pk)
