FMO Funds Techcombank US$12 Mln to Loan SMEs
The Netherlands Development Finance Company (FMO) will provide US$12 million for Vietnam’s Technological and Commercial Joint Stock Bank (Techcombank) to loan local small and medium enterprises (SMEs) and house buyers.
Under the agreements signed between the two sides September 28, FMO will offer Techcombank a US$6 million loan to assist Vietnamese SMEs and another US$6 million loan to provide housing purchase loans.
The loans will help Techcombank to meet the urgent need for domestic currency of SMEs and further strengthen its position and its financial innovations in Vietnam.
House buyers can borrow the loans with a ten-to-fifteen year tenor.
FMO is the international development bank of the Netherlands. It supports the private sector in developing countries and emerging markets in Asia, Africa and Latin America.
Techcombank is now one of the largest joint stock banks in Vietnam with VND27 trillion in assets by August 31. The bank serves some 250,000 individual customers and 13,000 businesses, mainly small and medium-sized enterprises. (New Hanoi, VnEconomy)
Vietnamese
