{"id":12641,"date":"2022-10-14T04:48:00","date_gmt":"2022-10-14T04:48:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3902599_AE02599_0"},"modified":"2022-10-14T04:48:00","modified_gmt":"2022-10-14T04:48:00","slug":"ifc-invests-a-us-75-million-convertible-loan-in-seabank","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=12641","title":{"rendered":"IFC invests a US$ 75 million convertible loan in SeABank"},"content":{"rendered":"
<\/div>\n

International Finance Corporation (IFC) \u2013 invested a US$75 million<\/span> convertible loan in Southeast Asia Commercial Joint Stock Bank (SeABank<\/a>, stock code SSB). IFC will have an option to convert its loan to common shares of SeABank within 5 years.<\/i><\/p>\n

HANOI, Vietnam<\/span>, Oct. 14, 2022<\/span> \/PRNewswire\/ — IFC’s investment is aimed at impulsing SeABanks’s development strategies and increasing access to finance for SMEs and women-owned SMEs. Specifically, in line with IFC’s approach to addressing climate risks, SeABank will also commit to not funding new coal-related activities. This will help contribute to Vietnam’s<\/span> climate targets including phasing out coal-fueled power generation by 2040 and achieving net zero carbon emissions by 2050. This commitment by SeABank will be a condition for IFC’s consideration to convert this loan to common shares within the next five years.<\/p>\n

Before this, in 2021, IFC and 5 international investment funds including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC Fund for International Development, and responsibility Investments AG provided a financial package of US$ 220 million<\/span> to SeABank for purposes of increasing financial assistance to SMEs, especially women-owned businesses and expanding climate finance. The new US$ 75 million<\/span> convertible loan shows IFC’s acknowledgment of SeABank’s performance, credibility, and commitment to expanding its SME reach-out and addressing climate challenges in Vietnam<\/span>.<\/p>\n

Being an existing client of IFC, SeABank has adopted an environmental and social management system to manage E&S risks of SMEs lending and climate financing activities. With IFC support under this investment, SeABank will, among others, continue enhancing its E&S practices and performance to align with the Bank’s strategy and its stakeholders’ expectations, including applying IFC Performance Standards to higher E&S risk activities.<\/p>\n

 The IFC PSs is an international benchmark for identifying and managing E&S risk in 8 areas including Risk Management, Labor, Resource Efficiency, Community, Land Resettlement, Biodiversity, Indigenous People, and Cultural Heritage.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Finance Corporation (IFC) \u2013 invested a US$75 million convertible loan in Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB). IFC will have an option to convert its loan to common shares of SeABank within 5 years. HANOI, Vietnam, Oct. 14, 2022 \/PRNewswire\/ — IFC’s investment is aimed at impulsing SeABanks’s development strategies […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-12641","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nIFC invests a US$ 75 million convertible loan in SeABank - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=12641\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC invests a US$ 75 million convertible loan in SeABank - My Blog\" \/>\n<meta property=\"og:description\" content=\"International Finance Corporation (IFC) \u2013 invested a US$75 million convertible loan in Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB). 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