ADB doubles trade finance limit for SeABank to $60 million

VIETNAM, April 4 - HÀ NỘI — The Asian Development Bank (ADB) has announced it would double the trade finance limit for the Southeast Asia Commercial Joint Stock Bank (SeABank) to US$60 million, and at the same time increase the revolving loan limit from $5 million to $10 million.

The increase in trade finance limit demonstrates ADB's trust and appreciation for SeABank in terms of prestige, transparency, healthy operations as well as efficient use of capital, and always towards sustainable development.

This also helps affirm and enhance SeABank's strength in the field of international payment and trade finance, helping the bank to approach and establish transaction relationships with more banks around the world.

SeABank is committed to using capital in the most effective way to support Vietnamese businesses, especially small and medium-sized enterprises and their supply chains, thereby contributing to economic development and job creation.

ADB's new credit line will help SeABank develop trade finance activities with an expanding scale.

Previously, in November 2020, SeABank officially joined ADB's Trade Finance Program (TFP) to support trade activities in Việt Nam by providing loans and other financial instruments with a limit of up to $18 million guarantee and a $5 million revolving loan. — VNS