Credit Guarantee Corporation of Cambodia (CGCC) and the Branch of Kasikornbank Public Company Limited (Phnom Penh) have signed the Credit Guarantee Agreement to support micro, small and medium-sized enterprises (MSMEs).

The signing ceremony was held at CGCC’s office in the presence of Ros Seileva, Secretary of State of the Ministry of Economy and Finance and Chairman of CGCC, Cherdkiat Atthakor, Ambassador of Thailand to Cambodia and Suwat Techawatanawana, Executive Vice President of Kasikornbank Thailand.

Wong Keet Loong, Chief Executive Officer of CGCC, said that the bank’s branch in Cambodia can tap on their experience in providing guaranteed loans in Thailand.

“The collaboration also opens up opportunities for us to explore cross-border guarantees between businesses in Thailand and Cambodia. We have also plans to collaborate with the Thai Credit Guarantee Corporation, which has more than 30 years of experience, towards the end of this year,” he said.

Ritthiwut Watthanachai, General Manager of Kasikornbank in Phnom Penh, said that the initiative seamlessly aligns with the bank’s business plan for the next phase.

“The partnership with CGCC will be the key enabler for us in extending our reach to a broader entrepreneur base while improving our service capabilities. As the first Thai bank to join the credit guarantee scheme, this partnership underlines Kasikornbank’s aspiration and commitment to supporting the government’s vision for SME development,” he said.

CGCC aims to improve financial inclusion and develop MSMEs with the main mission of providing guarantees for loans given to MSMEs through Participating Financial Institutions (PFIs).

The Kasikornbank in Phnom Penh now become one of the 27 PFIs of CGCC, committing to assisting business entities in line with the Cambodian government’s direction to support MSMEs.

The CGCC has provided credit guarantees of $139.5 million to 1,648 businesses for their working capital expansion as of July 2023.

Credit to: Khmer Times, Publish on 03 October 2023