IFC Loans to Vietnam Prosperity Bank and Oriental Bank to Boost Finance for Local Businesses Amid COVID-19, Support Economic Recovery
IFC, a member of the World Bank Group, is providing $140 million in loans to Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Orient Commercial Joint Stock Bank (OCB) to help them support clients, especially small and medium enterprises (SMEs), which have been impacted by the COVID-19 pandemic. The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.
The pandemic has severely impacted Vietnamese businesses including SMEs, a key driver of Vietnam’s economic growth over the past two decades. Guided by the State Bank of Vietnam, VPBank and OCB have taken various relief measures for their SME clients impacted by COVID-19.