WAM
13 Mar 2023, 15:20 GMT+10
VIENNA, 13th March, 2023 (WAM) -- The OPEC Fund for International Development (OFID) has announced that it is providing a US$40 million loan to Vietnam Maritime Commercial Joint Stock Bank (MSB) for on-lending to small and medium-sized enterprises (SMEs).
The OPEC Fund's loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses. Meanwhile, MSB will benefit from a growing portfolio of clients.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, "SMEs make up the majority of businesses and provide more than half of overall employment in Vietnam. Systemic banks such as MSB are critical to providing financing to support local businesses and increase their access to global markets, promoting sustainable economic development and job creation."
Nguyen Hoang Linh, CEO of MSB, stated, "Our strategy is to promote the development of the SME sector to become our main growth driver in the near future. The agreement affirms the partnership between MSB and the OPEC Fund and the parties' efforts to promote financial access for SME clients, who have a high demand for capital to resume dynamic growth after the COVID-19 pandemic."
According to the Ministry of Finance, Vietnam has more than 500,000 private firms of which over 95 percent are micro and small enterprises. Access to credit remains a major concern for these companies as their integration in global supply chains and finance was disrupted by the pandemic.
OFID was established in January 1976 by the then 13 member countries of OPEC, including the United Arab Emirates. It is the development finance institution established as an aid channel to developing countries.
Get a daily dose of Cambodian Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cambodian Times.
More InformationGENEVA,.Switzerland - The International Federation of Red Cross and Red Crescent Societies (IFRC) has expressed profound outrage following...
RIYADH, Saudi Arabia: Tesla is finally entering Saudi Arabia, with a launch scheduled for next month—marking a significant shift in...
BRUSSELS, Belgium: Apple appears to have dodged a major regulatory setback in Europe, following recent changes to how users select...
WASHINGTON, D.C: FBI Director Kash Patel said this week the bureau was probing what he called the increase in violent activity toward...
GAZA - Israel is refusing to allow search parties to access an area where 9 Red Cross ambulance crew members have gone missing in Gaza....
NEW YORK CITY, New York: A jury in Georgia has ordered Bayer, the parent company of Monsanto, to pay nearly US$2.1 billion to a man...
(Photo credit: Katie Stratman-Imagn Images) Elly De La Cruz hit two tape-measure home runs, doubled, singled and drove in a career-high...
(250401) -- ROME, April 1, 2025 (Xinhua) -- Torino's Gvidas Gineitis celebrates his goal during a Serie A football match between Lazio...
(Photo credit: Jonathan Hui-Imagn Images) Los Angeles Dodgers first baseman Freddie Freeman tweaked his surgically repaired ankle...
(Photo credit: Mike Lang / Sarasota Herald-Tribune / USA TODAY NETWORK via Imagn Images) Atlanta Braves outfielder Jurickson Profar...
(Photo credit: Eric Hartline-Imagn Images) Edmundo Sosa hit a go-ahead, two-run double with two outs in the seventh inning and Kyle...
(Photo credit: Dan Hamilton-Imagn Images) Cedric Mullins smashed a two-run double during Baltimore's four-run first inning and drove...