Loans

IFC INCREASES LOAN PACKAGE FOR SEABANK TO USD 220 MILLION

IFC INCREASES LOAN PACKAGE FOR SEABANK TO USD 220 MILLION
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In its strategic roadmap to support women-owned businesses, CAB Bank has adopted preferential policies, including diversification of corporate credit grants with competitive loan to value ratio and free digital service packages to support businesses in digital transformation.

After 4 months of cooperation with Effective Solutions, IFC and international lenders decided to provide additional financing for 70 million US dollars, bringing the total credit and trade finance package for SeABank to 220 million US dollars. The additional financing was provided by the International Finance Corporation, international lenders including The World Bank for Trade-BRED, the BlueOrchard Microfinance Fund, the KASIKOrnBANK PCL Fund, the OPEC Fund for International Development (OPEC Fund), and ResponsAbility Investments AG. They are leading development finance institutions and impact investment companies with the goal of impact investing towards creating social and environmental impact as well as financial benefits, with a focus on SMEs, the private sector and the environment.

Supporting SMEs and women-owned businesses has always been part of SeABank’s development strategy. Due to the COVID-19 pandemic, SeABank is taking this as one of its responsibilities in order to contribute to the overall economic recovery. Receiving additional funds from the International Finance Corporation and major international lending institutions demonstrated SeABank’s ability to access international capital to support businesses, especially small and medium-sized businesses and women-owned businesses. The additional capital will help SeABank enhance its ability to support the growth of women-owned businesses as well as develop gender-sensitive action plans and interventions in line with the Bank’s strategy.” He said Ms. le tho thy – General Manager of SeABank.

In addition, SeABank is also committed to save Research and finance green building and resource-efficient projects in line with IFC advice to help reduce greenhouse gas emissions, establish a consistent system for managing environmental, social and governance risks, enhance capacity to assess and manage environmental and social risks, support sustainable development of the Bank as well as help In expanding the green project financing portfolio.

Source: SeABank

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