The OPEC Fund for International Development is providing a US$50 million loan to SeABank, a Vietnam-based commercial bank, to expand financing for small businesses and climate-focused investments.

Part of the funding will support lending to MSMEs and climate projects, including energy efficiency and renewable energy.

The deal extends a partnership that SeABank said began in 2022, when it received an earlier loan to support local small and medium-sized enterprises and climate projects.

The OPEC Fund said it had approved US$459.87 million for Vietnam, including financing tied to small and medium-sized enterprises and climate-related projects.

The new facility comes as Vietnam’s small and medium-sized enterprises face a large credit shortfall, with about 62% of financing needs unmet and an estimated financing gap of US$21.7 billion, according to the International Finance Corporation (IFC).

SeABank has also expanded financing for green assets such as renewable energy, green buildings, and energy efficiency.

🔗 Source: SeABank