IFC invests another $100m in SeABank to boost access to housing loans

HÀ NỘI — IFC on Tuesday announced it has invested US$100 million in Southeast Asia Commercial Joint-Stock Bank (SeABank) which aims to boost access to housing loans. However, the limited availability of long-term funding has restricted access to housing finance, especially challenging for lower and middle-income homebuyers, who need longer-term funding due to low levels of income. Through the investment, SeABank expects to at least double the number of lower and mid-end housing loans by 2026. IFC will also advise SeABank to develop dedicated housing finance products to better serve lower and middle-income people – a key priority for the Vietnamese government. In Việt Nam, IFC has worked with both housing developers and banks to promote the availability of both affordable housing and housing finance that lower and middle-income households can access.