Bangkok (dpa) – Several Thai banks along a Dutch bank have lent 65 million US dollars to a Cambodian microfinance lender, a report said Wednesday.
Siam Commercial Bank, Thai Military Bank and Kiatnakin Bank each provided 20 million dollars to Prasac Microfinance Institution, Cambodia’s largest microfinance lender, the Bangkok Post reported.
The Netherlands’ ING Bank also lent the firm 5 million dollars.
The loans are organized by the World Bank’s International Finance Corporation, which supports Prasac and several other microfinance lenders in Cambodia.
The IFC had earlier lent Prasac 10 million dollars and expects the new loans to be extended to 845,000 borrowers.
The loans will enable Prasac to grow its lending portfolio to 900 million dollars by the end of 2019.
According to the Bangkok Post, Cambodia’s microfinance sector has an annual growth rate of 30 per cent over the last 20 years with more than 1.9 million borrowers.