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IFC gives Sacombank more funds for home loans   2008-02-27 - VNS

The International Finance Corporation (IFC), an arm of the World Bank, will provide an additional VND300 billion (US$18.75 million) to Sacombank to fund home mortgages and home improvement loans.

HCM CITY — The International Finance Corporation (IFC), an arm of the World Bank, will provide an additional VND300 billion (US$18.75 million) to Sacombank to fund home mortgages and home improvement loans.

Under an agreement between IFC and Sacombank, the funds will be lent to individuals at a preferential interest rates seeking to buy, build or repair homes.

The deal expands an existing pool of funds provided by IFC to the bank from VND500 billion to VND800 billion.

Sacombank chairman Dang Van Thanh said the loans would help middle-class customers afford homes in the currently inflated real estate market.

"We will now be able to provide a good level of real estate loans to meet the hot growth of this market now," Thanh pledged.

The deal, he said, also "proves our tightened commitment with IFC, countering rumours that IFC would ends its strategic partnership with the bank that began circulating after IFC sold off nine million shares of Sacombank in December."

A representative from IFC, who requested anonymity, said that increasing housing demand in Viet Nam convinced IFC to increase its support of Sacombank in providing home loans.

"Selling shares in Sacombank last year were just preparation for a new plan by IFC for Viet Nam," he said. "Sacombank will always be an important partner for us here."

IFC became a strategic partner of Sacombank in 2002 and still held 31 million shares or 7 per cent in the bank as of February 1.


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