Emirates News Agency – OPEC Fund provides $35m loan to Vietnam to support SMEs
Wed 19-01-2022 10:54
VIENNA, 19th January, 2022 (WAM) — The OPEC Fund is providing a $35 million loan to the Joint-Stock Commercial Bank of Southeast Asia (SeABank) to facilitate access to finance for small and medium-sized enterprises (SMEs) ) and women-owned businesses, and promote climate finance for sustainable economic recovery in Vietnam.
The funding is part of the OPEC Fund’s COVID-19 response and will help close the financing gap for SMEs as well as contribute to environmental sustainability.
OPEC Fund Managing Director Abdulhamid Alkhalifa said, “We are delighted to partner with SeABank and partner with international lenders to provide financing to support Vietnam’s sustainable economic growth. Improving access to finance for SMEs, especially women-owned businesses, will help reduce inequalities. in line with the Sustainable Development Goals.”
SMEs account for 98% of all businesses and 50% of employment in Vietnam and are the backbone of the country’s economy. Women-owned businesses have been disproportionately impacted by the COVID-19 pandemic due to reduced access to financial services and business disruptions resulting from obligations such as childcare during shutdowns.
OFID was created in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel for aid to developing countries.
WAM/Esraa Ismail/Amjad Saleh