MAYBANK (Cambodia) Plc on November 26 announced a strategic collaboration with the government-initiated Credit Guarantee Corporation of Cambodia (CGCC) to support local small- and medium-sized enterprises (SME).
The partnership aims to build long-term competitive advantages for smaller enterprises through the Building Capacity and Capability (BCC) programme for SMEs, and will be complemented by the two parties’ strategic collaboration on the Business Recovery Guarantee Scheme (BRGS), as part of broader efforts to prop up SMEs in the Kingdom.
In a statement, Maybank Cambodia Mohd Hanif Suadi said the collaboration is part of the bank’s continuous efforts to ensure SMEs are able to leverage on opportunities within the rapidly changing business environment, equipping them with the right tools that will help them prosper in the “new normal”.
“Getting a business to run is even more challenging during these critical times. We understand the difficulties faced by SMEs and it is crucial that we support them during this time by offering financial solutions, such as much-needed stimuli, in order for them to sustain their businesses and contribute to strengthening the economy”, he said.
The CGCC’s BRGS aims to improve access to finance for local SMEs by providing third-party credit risk cover to lenders.
CGCC CEO Wong Keet Loong said the BRGS “will help SMEs to enhance their access to formal loans for both working capital and investment or business expansion to support the survival and economic recovery during the Covid-19 pandemic”.
In addition, Maybank and CGCC aim to develop the SME market through capacity building efforts and community outreach initiatives under the BCC programme for SMEs.
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Author: Hom Phanet
Source: The Phnom Penh Post
Publication date: 28 November 2021