EnterpriseSG, Credit Europe Bank to help Singapore companies get financing overseas for expansion
This is the first partnership between the local agency and a foreign-based financial institution
ENTERPRISE Singapore (EnterpriseSG) and Amsterdam-headquartered Credit Europe Bank (CEB) have signed an agreement to enhance access to financing for Singapore companies venturing overseas, in the first partnership between the Singapore government agency and a foreign-based financial institution.
CEB operates in seven countries and serves more than 900,000 retail and corporate customers worldwide.
The agreement was part of EnterpriseSG’s Enterprise Financing Scheme – Foreign-based Financial Institutions, EnterpriseSG and CEB said in a Friday (Oct 11) media statement.
The scheme provides risk-sharing of up to 50 per cent to support lending to Singapore companies from partner foreign-based financial institutions, thus enabling them to tap new financing sources when expanding overseas. It covers various financing facilities. These include working capital, fixed asset, trade, project and mergers and acquisition.
The partnership between EnterpriseSG and CEB will initially focus on international trade and commodity financing, with a view to be subsequently expanded to other products.
CEB CEO Senol Aloglu said that trade and commodity finance is “a core component” of the bank’s business, in which it has decades of experience.
Said Geoffrey Yeo, assistant managing director for capabilities, urban systems and solutions at EnterpriseSG: “Financing is a key enabler critical for companies to scale and expand overseas, especially when venturing into new markets.”
“The access to CEB’s networks, expertise and funding can help more companies accelerate their market expansion – not just in Europe, but in markets worldwide,” he added.
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