OPEC Fund lends US$50 million to SeABank for small business and climate finance in Viet Nam

The OPEC Fund for International Development has provided a US$50 million loan to Southeast Asia Commercial Joint Stock Bank (SeABank) to boost lending to small businesses and climate-focused projects in Viet Nam. The funding will enable SeABank to increase credit access for micro, small and medium-sized enterprises (MSMEs), which employ about half of the country's workforce but face persistent financing challenges. Additionally, part of the loan will support green investments such as energy efficiency, green buildings, rooftop solar, and electric mobility.

OPEC Fund President Abdulhamid Alkhalifa emphasized the importance of small businesses to Viet Nam's economy, stating that the financing will help more companies access capital for expansion while promoting climate solutions that enhance competitiveness and resilience. The loan builds on a partnership initiated in 2022, when the OPEC Fund provided its first loan to SeABank for supporting local SMEs, including women-owned businesses, and climate projects.

SeABank's Vice Chairwoman Le Thu Thuy noted that the new financing marks a milestone in the partnership, reinforcing the bank's commitment to inclusive and sustainable growth. She highlighted SeABank's role as a financial intermediary in mobilizing international capital to support Viet Nam's sustainable development priorities. The OPEC Fund's support is expected to help bridge the financing gap for MSMEs, which are vital for economic growth and job creation. By channeling funds into climate-friendly investments, the loan also aligns with Viet Nam's goals of reducing carbon emissions and promoting sustainable practices. The collaboration between the OPEC Fund and SeABank exemplifies how development finance can be leveraged to address both economic and environmental challenges in emerging economies.