IFC, a member of the World Bank Group, in partnership with Vietnam Prosperity Commercial Joint Stock Bank (VPBank) is extending a commodity financing facility of up to $50 million to Tan Long Group, one of Vietnam’s leading commodity traders as a key step to unlock further agri-financing opportunities in this high-potential sector. Tan Long Group’s rice processing facility for export in Dong Thap province The facility, to enable Tan Long Group JSC (Tan Long Group)—a market leader in soft commodity trading—to diversify the procurement of agri-commodities, is part of IFC’s Global Warehouse Finance Programme (GWFP) that increases available financing to agricultural producers and traders in agricultural countries such as Vietnam. Underpinning the deal is a 50:50 risk-sharing partnership between IFC and VPBank, with each participating in risk for up to $25 million on an unfunded basis covering half of every eligible transaction under the facility. “Diversifying trade finance products will help realise VPBank’s strategy of becoming a leading SME bank over the next five years, with supporting local importers and exporters as a pillar,” said Dinh Van Nho, VPBank deputy chief executive officer cum head of Corporate Banking Division. This partnership is expected to have a significant development impact on the… Read full this story
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