The US International Development Finance Corporation (DFC) is an independent US government development finance institution. DFC partners with the private sector to provide financial support and solutions for projects with high economic potential and new economic tools enabling it to grant loans and offer credit solutions. DFC invests in all sectors, including energy, healthcare, critical infrastructure and technology; while providing financing to small businesses and women entrepreneurs to create jobs in emerging markets; adhere to high standards and respect the environment, human rights and labor rights.
According to DFC’s announcement this quarter, it approved several development priority transactions, focusing on food security, climate change, gender equity and improving financial access. These 34 approved projects total more than $1.4 billionin which 22 transactions help companies in developing regions, including Africa, Asia, Eastern Europeand Latin America and the Caribbean.
Of the companies approved this quarter, SeABank is the first and only financial organization in Vietnam receives up to $200 million lending to encourage socio-economic development, particularly supporting women-owned and women-led businesses, SMEs, and tackling the climate crisis – one of the development strategies that SeABank prioritises.
DFC’s loan to SeABank will help build the bank’s financial capacity to carry out its planned projects, focusing on reducing the credit gap for women-owned and women-led businesses, SMEs, by dealing with the difference between addressable market demand and existing supply in the economy.
Prior to receiving the loan from DFC, SeABank obtained a $150 million loan package from IFC and 5 international investment funds, including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC and ResponsAbility Investments AG, to provide financial assistance to SMEs, corporates women-owned and women-led and address the climate crisis. This shows SeABank’s commitment to sustainable development strategies, affirming its credibility, the great impacts of sustainable projects as well as the recognition of world-class financial organizations for SeABank.