ITL Has Been Provided With A Financing Package Of $70 Million By International Finance Corporation (IFC)
Recently, ITL has been provided with a financing package of $70 million by IFC, a member of the World Bank Group. This is IFC’s first investment in the Vietnamese logistics sector and ITL – A leading domestic Logistics company in Vietnam and region – has been accompanied by IFC to aim for our business objectives and investments on the journey to conquer the National Champion destination.
The financing package provided in the Covid-19 pandemic is an achievement of ITL. In spite of the difficulties caused by the crisis, ITL has won trust from the World Bank Group and IFC to be provided with the financing package of $70 million. This is thanks to ITL team’s outstanding efforts, strategic vision and the National Champion goal that all ITL members are working hard to reach.
This $70 million investment will bring ITL more opportunities and advantages in CAPEX in addition to the merger and acquisition (M&A) strategy that we have successfully implemented. This will create a solid foundation for ITL’s sustainable growth on the journey to conquer the National Champion goal.
In addition, IFC will also help ITL improve its environmental, social, and corporate governance standards for sustainable development.
Previously, ITL has completed its acquisition of South Logistics JSC (Sotrans Group), contributing to enhancing the position of ITL when it owns a strong Sotrans brand in the market with a strong operating system and the asset platforms including sea ports, river ports, inland waterway and barges, ICD, warehouses, … The combination of ITL and Sotrans Group will provide customers of both sides with practical benefits and added values with integrated, diversified and cost-optimized logistics services.
Be chosen by IFC, ITL has shown us its value and position in Vietnam Logistics market. This event that ITL has been provided with the long-term funding by IFC is expected to create a strong boost in its business and contribute to ITL’s desire to accompany and support for more than 1 million small and medium enterprises in Vietnam.
*About the International Finance Corporation:
IFC – a sister organization of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. IFC work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.