ADB & LPBank sign Financing Package for WSMEs

By: GWL Team | Thursday, 13 June 2024

A financing package has been signed by Asian Development Bank (ADB) and Lien Viet Post Joint Stock Commercial Bank (LPBank). The package is of up to $80 million that aims to amplify the financial access for a women-owned small and medium-sized enterprises (WSMEs) project in Vietnam.

As per ADB statement, the financing comprises a loan of $30 million from ordinary capital resources of Asian Development Bank along with syndicated parallel loans of $50 million, $30 million from a state-owned bank, the Export–Import Bank of China, dedicated to promoting the People’s Republic of China’s trade, investment, and international cooperation; and $20 million from the an Amsterdam-based asset manager, ILX Fund which is focused on supporting the Sustainable Development Goals in emerging markets.

Suzanne Gaboury, Director General for Private Sector Operations of ADB said, “By providing access to finance and tailored advisory services, our partnership with LPBank will empower women entrepreneurs in Vietnam to thrive and contribute to the country’s economic growth. Working with development partners like the Export–Import Bank of China, ILX, and We-Fi, we aim to mobilize capital for private sector development that makes a meaningful difference to women-owned businesses in Vietnam,” said ADB Director General for Private Sector Operations Suzanne Gaboury.”