US$20mln in loan provided to SMEs

Proparco Co. under the French Development Agency (FDA) has just signed a credit agreement with the SaiGon Thuong Tin Commercial Joint Stock Bank (Sacombank) worth US$20mln to provide middle and long-terms loans for Vietnam’s small and middle-sized enterprises (SMEs).

Under the agreement, Proparco Co. will help Sacombank have more experience about social responsibility and environment via setting up a system monitoring over the impacts on society and environment from projects enjoying loans by Sacombank. The US$20mln loan will contribute to the Vietnamese Government’s demand-stimulus program to combat the impacts of the global economic crisis amidst long-term loans under scarcity.

Last May, the Asian Development Bank (ADB) also signed a contract providing the US$25 million loan to Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) and its leasing unit, Sacombank Leasing Company to boost financing for SMEs.

Reported by Thanh Hong-Translated by K.T

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