ADB supports financial access for women-owned businesses in Vietnam
(VOVWORLD) - The Asian Development Bank (ADB) and Lien Viet Post Joint Stock Commercial Bank (LPBank) on Wednesday signed a financing package of up to 80 million USD to expand access to financing for women-owned small and medium-sized enterprises in Vietnam.
 Access to commercial finance is a challenge, particularly for women borrowers. (Photo: Vneconmy) |
The financing consists of a 30 million USD loan from ADB’s ordinary capital sources and 50 million USD from syndicated parallel loans, with 30 million USD from the Export-Import Bank of China (CEXIM) and 20 million USD from the ILX Fund, an Amsterdam-based asset manager focused on supporting the Sustainable Development Goals in emerging markets. ADB acted as the mandated lead arranger and bookrunner for the financing.
The financial package will help LPBank design new products and processes to increase support for women-owned small and medium-sized businesses.
Suzanne Gaboury, ADB Director General for Private Sector Operations, said that by providing access to finance and tailored advisory services, its partnership with LPBank will empower women entrepreneurs in Vietnam to thrive and contribute to Vietnam’s economic growth.