The Credit Guarantee Corporation of Cambodia (CGCC) has infused credit guarantees of as much as US$164.7 million as of December 2023. A report issued recently revealed that 1,928 businesses benefited from them. 'The Credit Guarantee Corporation of Cambodia has provided guarantees for US$164.7 million in loans for business, investment and business expansion capital to support large, micro and small businesses,' said the report. The source put the total outstanding guaranteed loans at US$116.1 million and outstanding guaranteed amount at US$83.6 million. The CGCC scheme involves 27 participating financial institutions (PFIs) to extend credit as working capital investment and business expansion to SMEs. The CGCC is the preferred credit guarantee institution in Cambodia set up to improve financial inclusion and develop the growth of SMEs. Established in November 2020 with a state budget of US$200 million. Smooth loan distribution has boosted entrepreneurship and financial inclusion, said H.E. Mey Vann, Sec retary of State at the Ministry of Economy and Finance. 'The CGCC has played a key role in serving the needs of SMEs in Cambodia, which are struggling in the wake of the Covid-19 pandemic and the inflation crisis, and need credit from banks for their business,' H.E. Mey Vann has recently said. Source: Agence Kampuchea Presse