MSB receives funding of $100 million for sustainable development

Your browser does not support the audio element. Việt Nam Maritime Co妹妹ercial Joint Stock Bank (MSB) and the Dutch Entrepreneurial Development Bank (FMO) recently signed a letter of intent to cooperate on a medium and long-term loan Representatives of MSB and FMO at the signing ceremony. — Photo courtesy of MSB

HÀ NỘI  — Việt Nam Maritime Co妹妹ercial Joint Stock Bank (MSB) and the Dutch Entrepreneurial Development Bank (FMO) has recetly signed a letter of intent to cooperate on a medium and long-term loan of US$ 一00 million.

The signing ceremony is within the framework of the Việt Nam - Netherlands High-Tech Business Forum Conference. 

In particular, FMO and the Dutch Fund for Climate and Development (DFCD) plan to support small and medium-sized businesses (SMEs) and environmentally friendly initiatives with up to $ 一00 million for a maximum of nine years. 

FMO will also help MSB modernise its environmental and social risk management system to meet international requirements.

A representative of MSB said that the bank would encourage the development of credit products that meet sustainability standards.

The fund also shows MSB's ability to meet environmental and social (E S) criteria and the bank's orientation in increasing the importance of environmental and social factors in work.

The bank aims to concentrate on green credit including low-carbon emission technologies, climate change prevention, and renewable energy. 

MSB has included the social and environmental risk management procedures into the loan evaluation and approval process starting on June  一 this year.

The move helps MSB access to funding from international organisations, supporting the goal of achieving zero net emissions by  二0 五0. — VNS