PM seeks approval for SME loans

The Prime Minister has asked the State President to approve a loan agreement signed with the Asia Development Bank (ADB) to develop small- and medium-sized enterprises.

PM Nguyen Tan Dung previously authorized the Governor of the State Bank of Vietnam to sign the above agreement with the ADB representative in Vietnam in December 2010.

Under the agreement, preferential credit worth US$40 million will be used to sponsor the reform and development of small- and medium-sized enterprises (SMEs), boost the competitiveness policy framework, and strengthen SMEs’ access to finance.

The loans will have a term of 24 years, including an eight-year grace period with an annual interest rate of 1 percent.

The Ministry of Planning and Investment will manage the programme.

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