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Viet Nam's Dragon Capital to get $50m IFC debt to deepen corporate bond market
The International Finance Corporation (IFC), the private lending vehicle of the World Bank Group, said it planned to extend a $50 million financing facility to Viet Nam-focused fund management firm Dragon Capital.
Dragon Capital will use the funds to invest in bonds issued by medium to large Vietnamese firms. It will also target private, listed or unlisted fast growing companies who are in need of financing to expand their business.
"The proposed project targets to expand the width and depth of the corporate bond markets in Vietnam, to broaden the investor base of the Vietnamese bond markets, and to support and provide Vietnamese private sector companies with better access to capital," the IFC said in its investment disclosure.
The proposed investment aligns with IFC's commitment to focus on the financial sector in Viet Nam, while also marking its return to back Dragon Capital. IFC had initially invested $2 million and was an investor for 13 years in the Vietnamese fund manager. "They bring a lot of experience and have a broad mandate to help finance development. One of the ways they do that is by helping the development of financial institutions," Dominic Scriven, chairman of Dragon Capital, told DealStreetAsia in an earlier interview as he talked about the past investments of IFC and France's aid agency Proparco.
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