In order to build a green financial market and support small and medium enterprises in Vietnam, the International Finance Corporation (IFC) will provide a financing package of 150 million USD to SeABank.
In this financing package, IFC registered to buy the first 25 million USD of Vietnam's blue bond (focusing on ocean-related projects) to help SeABank mobilize more capital for sustainable economic activities related to the ocean and water such as aquaculture and fishing, clean water supply...
IFC also registered to buy green bonds (green bonds - projects related to the environment) worth 50 million USD to help the bank expand financing of green assets in areas such as: green buildings, renewable energy and energy efficiency.
As the implementing organization of the UK and IFC Market for Green Construction (MAGC) Program, IFC also provides up to US$0.48 million in additional performance-based incentives from SeABank for individual home loan customers to help them offset the initial investment costs for applying green building solutions that have been included in the home selling price by the developer.
In addition, IFC will also provide a $75 million loan to SeABank to increase lending to small and medium-sized enterprises, including women-owned businesses, to promote financial inclusion.
SeABank is the first bank to issue blue bonds in Vietnam and the first domestic private commercial bank to issue green bonds.
Mr. Thomas Jacobs, IFC Country Manager for Vietnam, Cambodia and Lao PDR, said that with the investment in SeABank, IFC aims to establish new asset classes, mobilize capital and strengthen the capacity of local financial institutions to promote climate finance in Vietnam. Along with the financing package, IFC will advise SeABank on the application of green and blue bond frameworks, and help the bank identify eligible green and blue assets and build a portfolio of potential projects.
Nhung Nguyen
Source: https://www.sggp.org.vn/lan-dau-tien-trai-phieu-xanh-lam-cua-viet-nam-duoc-ifc-dau-tu-post746150.html
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