Vice Chairman of the city's People's Committee Vo Duy Khuong (R) receives Vice-Chairman of IIB Thinh Thi Hong in Da Nang City. — Photo thoibaonganhang

DA NANG (Biz Hub) — The central city and the International Investment Bank (IIB) will boost co-operation and development to support the city's Small-and Medium-Sized Enterprises Association in the coming years.

Vice-Chairman of IIB Thinh Thi Hong said at a meeting last week with the city's people's committee that the bank would provide medium and long-term loans for small and medium-sized businesses in significant infrastructure, energy, renewable energy and industrial zones sectors, as well as construction, tourism, information technology and agriculture, besides financial leasing services.

She said IIB would support the city's Investment and Development Fund and, with other banks, jointly sponsor loans for the city's development projects.

The city and IIB also agreed to host an international banking conference this December and sign a memorandum of understanding (MoU) on future co-operation.

Da Nang has 15,000 small and medium-sized enterprises, but the city has just launched its VND120-billion (US$5.7 million) Investment and Development Fund to provide preferential loans to businesses.

The IIB, founded in 1970 on the basis of an intergovernmental agreement with member countries Bulgaria, Hungary, Cuba and Mongolia, besides the Russian Federation, Romania, Slovakia and the Czech Republic, as well as Viet Nam, has seen booming operations in Viet Nam since 2012.

The bank, with its head office in Moscow, Russia, has funds amounting to EUR374 million (US$333.61 million). — VNS