The state-owned Small and Medium Enterprise Bank of Cambodia Plc (SME Bank) has officially launched the “Phase II Co-financing Project” to prop up the business activities of local small- and medium-sized enterprises (SME) and abate economic Covid-19 woes.
The second phase was introduced after the first iteration achieved positive results, with participating financial institutions providing lifelines for SMEs in need of financing to keep from going under, and promoting economic recovery, the SME Bank noted in a press release on August 16.
The project aims to provide low-interest loans to promote the development of SMEs in priority sectors such as industry, services and commerce.
The funds under this co-financing project amount to $100 million, which is an equal counterpart fund between the SME Bank and the participating financial institutions.
At present, there are 26 participating financial institutions: 21 commercial banks, one specialised bank and four microfinance institutions (MFI) – three of which are authorised to receive deposits.
“SMEs in need of funds can apply for a loan under this scheme at any participating financial institution, in accordance with the terms of this co-financing project and the lending conditions at each participating financial institution,” the SME Bank said.
Author: May Kunmakara
Source: The Phnom Penh Post
For full article, please read here.
Original publication date: 20 August 2021
August 20, 2021
