IFC proposes $50 million loan to HD Saison
IFC proposes $50 million loan to HD Saison
The International Finance Corporation (IFC), a member of the World Bank Group, is proposing a $50-million loan to HD Saison Finance Co., Ltd., the fourth-largest retail finance company in Vietnam.
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According to the IFC's disclosure on February 10, the proposed investment consists of a three-year senior loan of up to $50 million. The funding will support HD Saison in providing green and productive micro loans to low-income individuals across Vietnam.
At least half of the funds will be specifically allocated for green sub-loans, which can be used to purchase electric two-wheel vehicles and energy-efficient consumer durables that meet the IFC’s criteria. The remainder of the funds will be used to support sub-loans for two-wheel vehicles, which are essential for daily business transportation or employment.
The development impact of the venture will be realised through an increase in access to climate finance to support the bank in growing its eligible green finance portfolio.
HD Saison is predominantly owned by two entities, Ho Chi Minh Development Joint Stock Bank, Vietnam’s seventh-largest private bank and an existing IFC client, and Credit Saison Limited Company, Japan's third-largest credit card issuer with assets of more than $28 billion.
Headquartered in Ho Chi Minh City, HD Saison has served over 11 million customers nationwide through its extensive network of 26,000 points of sale.
