2024-12-10

IFC Commits Over $1.6B in Vietnam for Climate, Sustainable Finance in FY 2024

The International Monetary Fund (IFC), under the World Bank Group, committed over $1.6 billion in Vietnam for fiscal year 2024, which ended June 30, focusing on climate finance, trade, and sustainable economic growth, local media reported.

IFC’s long-term capital commitments include $310 million for climate and ocean plastic projects in the country, making Vietnam the biggest recipient of committed climate capital from IFC in Asia-Pacific in the fiscal year.

With $896 million in short-term funding, IFC supported trade and value chain financing, enabling domestic businesses to increase trade, production, and job creation. IFC also assisted with Vietnam’s first blue bond and green bond, issued by SeABank, to advance a sustainable blue economy.

IFC collaborated with BIM Real Estate JSC on Vietnam’s first sustainable-linked bond in local currency, fostering sustainable tourism. The organization also advised agribusinesses on sustainable practices and manufacturers on green solutions in high-emission industries.

IFC launched a $30 million supply chain financing program with VPBank, supporting import-export businesses, particularly coffee firms. In addition, a $60 million co-investment with Welcome Financial Group targets resolving non-performing loans and improving borrower credit. (Saigon Times, Vietstock, Thi Truong Tai Chinh Tien Te, Tin Nhanh Chung Khoan)

Post date: 2024-11-19