US$50 Million Approved to Help SMEs

State-run Agricultural and Rural Development Bank has approved US$50 million for disbursement to local agriculture-related small and medium enterprises (SMEs), a move to help financing new startup SMEs and existing SMEs in expanding their businesses and create jobs.

The announcement was made by H.E. Kao Thach, the bank’s Director General, in a press conference held here on Mar. 16 at the signing ceremony between Agricultural and Rural Development Bank and three SMEs, including Cambodian Investor Club Association (CIC), Cambodian Women Entrepreneurs Association (CWEA), and Young Entrepreneurs Association of Cambodia (YEAC).

The low interest rate loan is to support SMEs in agricultural products processing, agro-industry and agriculture sector, he said.

SMEs now can apply for loans based on their needs and the loan is processed based on SMEs’ compliance with the bank’s requirement, H.E. Kao Thach said on the event, where representatives from SMEs attended.

On Feb. 24, 2020, Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, announced a special financing programme of US$50 million through RDB to provide low-interest loans to SMEs in agricultural products processing, agro-industry and agriculture sectors such as vegetable farming, animal husbandry, and production chain improvement with the aim of creating more jobs and enhancing competitiveness.

Source: Agency Kampuchea Press