Laos’ Acleda bank starts SME lending initiative
Acleda Bank Lao Limited, the largest bank in Laos by assets, has launched an initiative to expand its lending to micro, small and medium enterprises.For this reason, it received an $8 million loan from the International Finance Corporation (IFC), a member of the World Bank Group, according to the Lao News Agency.
IFC has been a shareholder in Acleda Bank since 2000 with a 12.25 per cent stake.
Acleda Bank currently has 34 offices across Laos, serving more than 14,000 active borrowers, most of whom are small business owners. To date, IFC’s equity investment in Acleda Bank amounts to $4.4 million.
“This latest loan from IFC will help us expand our credit programme to reach more small and medium borrowers around the country,” said Narin Phon, managing director and chief executive officer of Acleda Bank.
“We have successfully established an extensive network of branches in the central and southern regions of Laos, and now we are aiming to extend our coverage in the norther n areas, where small and medium enterprises still have limited access to financial services,” he added.
Earlier in 2013, IFC entered into a partnership to provide a $2 million loan to the bank to set up a new microfinance institution in Myanmar, which aims to provide loans to more than 200,000 people by 2020.
“By providing a long-term loan to Acleda Bank, small and medium enterprises in the country will have easier access to financial services, allowing them to expand their businesses, create jobs, and contribute to economic growth,” Phongsavanh Phomkong, Country Officer of IFC in Laos said.
Acleda Bank was established in 1993 in Cambodia as a national non-government organization to develop credit and financial services for micro and small enterprises. It gradually became a microfinance institution and then a commercial bank.
Acleda Bank Lao Limited, the largest bank in Laos by assets, has launched an initiative to expand its lending to micro, small and medium enterprises.For this reason, it received an $8 million loan from the International Finance Corporation (IFC), a member of the World Bank Group, according to the Lao News Agency. IFC has been a shareholder in Acleda Bank since 2000 with a 12.25 per cent stake. Acleda Bank currently has 34 offices across Laos, serving more than 14,000 active borrowers, most of whom are small business owners. To date, IFC’s equity investment in Acleda Bank amounts to $4.4...
Acleda Bank Lao Limited, the largest bank in Laos by assets, has launched an initiative to expand its lending to micro, small and medium enterprises.For this reason, it received an $8 million loan from the International Finance Corporation (IFC), a member of the World Bank Group, according to the Lao News Agency.
IFC has been a shareholder in Acleda Bank since 2000 with a 12.25 per cent stake.
Acleda Bank currently has 34 offices across Laos, serving more than 14,000 active borrowers, most of whom are small business owners. To date, IFC’s equity investment in Acleda Bank amounts to $4.4 million.
“This latest loan from IFC will help us expand our credit programme to reach more small and medium borrowers around the country,” said Narin Phon, managing director and chief executive officer of Acleda Bank.
“We have successfully established an extensive network of branches in the central and southern regions of Laos, and now we are aiming to extend our coverage in the norther n areas, where small and medium enterprises still have limited access to financial services,” he added.
Earlier in 2013, IFC entered into a partnership to provide a $2 million loan to the bank to set up a new microfinance institution in Myanmar, which aims to provide loans to more than 200,000 people by 2020.
“By providing a long-term loan to Acleda Bank, small and medium enterprises in the country will have easier access to financial services, allowing them to expand their businesses, create jobs, and contribute to economic growth,” Phongsavanh Phomkong, Country Officer of IFC in Laos said.
Acleda Bank was established in 1993 in Cambodia as a national non-government organization to develop credit and financial services for micro and small enterprises. It gradually became a microfinance institution and then a commercial bank.
