Southeast Asia Commercial Bank (SeABank) today said that IFC under the World Bank has just decided to invest $75 million in SeABank which can be converted into shares of SeABank within five years.
IFC's investment aims to support SeABank's development strategies and improve the accessibility to loans of small and medium-sized enterprises including dependent enterprises which own by women.
SeaBank leaders revealed that with this loan, SeABank also pledged not to finance new coal-related activities in line with IFC's approach to addressing climate risks. This commitment will contribute to Vietnam's climate goals including phasing out coal-fired power generation by 2040 and achieving net zero carbon emissions by 2050. SeABank's conclusion will be a condition for IFC to consider converting the loan into common shares within the next five years.
Previously, IFC and five other international investment funds have granted a credit package totaling $220 million to SeABank to provide financial support to small and medium-sized enterprises, women-owned enterprises, and green credit.
