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Thursday, 28/07/2011, 19:50 GMT+7
IFC spends $505 million to boost local trade
The International Finance Corporation (IFC) has spent a record US$505 million to help Vietnamese companies increase their import and export activities and create jobs.
Through its Global Trade Finance Program, IFC, a member of the World Bank Group, committed the amount in the fiscal 2011 from June 2010 to June 2011 to enable local banks to help the companies.
This is the highest committed support from IFC to banks in Vietnam. Since its launch in Vietnam in late 2007, the program has helped improve the capacity of nine banks to cover the payment risk in granting trade financing to local companies, mostly small and medium enterprises.
Under the program, the banks have issued 268 guarantees to support US$1 billion in trade finance transactions. Techcombank, an IFC partner since 2007, has been the program’s largest user in Vietnam.
This year Lien Viet Bank, Orient Commercial Bank, Tien Phong Bank, and Vietnam International Bank (VIB) have joined the program. IFC’s other partner banks in Vietnam are An Binh Bank, Asia Commercial Bank, Saigon Thuong Tin Commercial Bank and Vietnam Export Import Commercial Bank.