Proparco backs EVF with loan for climate finance and women entrepreneurs

Vietnam is prioritizing climate finance and women's access to finance as part of its efforts towards sustainable and inclusive growth, aiming for carbon neutrality by 2050. EVF General Finance JSC, a key player in the Vietnamese financial sector, has been enhancing its support for both areas. With a $10 million loan from Proparco in 2021, EVF has broadened its climate finance activities and bolstered its backing for women-owned SMEs.

Proparco has now renewed its support with a $20 million senior loan, earmarking half for climate co-benefits and the other half for women-led or women-owned SMEs. This project is eligible for the 2X Challenge, an international initiative dedicated to advancing women's economic empowerment. The transaction aligns with Team France's commitment to Vietnam's Just Energy Transition Partnership, a $15.5 billion initiative to support the country's transition to carbon neutrality by 2050.

Proparco's regional director for North and Southeast Asia, Jean-Benoît du Chalard, expressed satisfaction with the renewed support for EVF, emphasizing the contributions to accelerating climate transition financing and strengthening women entrepreneurs' access to finance. EVF's head of International Markets Department and deputy head of Treasury Division, Dinh Ngoc Bao, highlighted the milestone, noting the company's growing portfolio of green financing and support for women-led SMEs.

Additionally, Proparco and the Dutch Entrepreneurial Development Bank (FMO) have jointly invested $80 million in SeABank, which aids SMEs, women-led businesses, and green finance initiatives. This funding allows Nam A Bank and Proparco to further develop and mobilize green financial resources.