The state-owned Small and Medium Enterprise Bank of Cambodia Plc (SME Bank) has prepared an additional sum of more than $220 million to loan to the Kingdom’s smaller businesses and give them a better shot at sustainability, to expand and boost economic growth in the post-Covid-19 era.
The bank was established in February 2020, and lends directly and through co-financing schemes with 33 participating financial institutions (PFI) at present.
SME Bank CEO Lim Aun told The Post on January 7 that the sum would go to small- and medium-sized enterprises (SME) through both direct loans and those made under co-financing schemes, with a focus on women-owned businesses as well as priority sectors like manufacturing, processing, agriculture and industry.
SME Bank-backed loans “have really helped businesses strengthen and sustain their operations” during Covid, he said, voicing hope that local SMES will benefit even more and be more successful, which he labelled as an objective of government policy.
Ministry of Economy and Finance secretary of state Phan Phalla had told a December 5 press conference that the government was planning an additional $100 million for SME Bank to provide SMEs with loans at low interest rates to ensure these businesses have enough capital to support themselves and perhaps expand.
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Author: May Kunmakara
Source: The Phnom Penh Post
Publication: 07 February 2023