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Author: Sorn Chhorvyvatey

CGCC Pays a Courtesy Visit and Discuss With the Management Team of the Ministry of Ministry of Mines and Energy

Posted on by Sorn Chhorvyvatey

On 22 August 2024, at the Ministry of Mines and Energy, Mr. Wong Keet Loong, CEO of CGCC, led the CGCC team to pay a courtesy visit and discuss with the management team of the Ministry of Ministry of Mines and Energy (MME).

Mr. Wong expressed appreciation for the warm welcome of management team of MME led by H.E. Suy Dimanche, Secretary of States  of MME and shared the progress of CGCC in providing credit guarantees as well as the strategic plan of CGCC, which needs the cooperation and support from MME.

This meeting will provide an opportunity for CGCC to explore the feasibility of leveraging the credit guarantee mechanism to support the development of small and medium enterprises in the energy sector, including electricity, solar energy, fuel oil, petroleum, and mines, with the support of the MME.

Job Vacancies with CGCC – Manager of Credit Management, Deputy Manager of Legal and Company Secretariat

Posted on by Sorn Chhorvyvatey

Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established under the Ministry of Economy and Finance. CGCC was recently set up to improve financial inclusion and develop the growth of SMEs in Cambodia. It plays an important role in the economic development of the country.

We are expanding our team! Join us, If you want to be part of the team, CGCC is urgently seeking qualified candidate for the following positions:

Manager of Credit Management

Job Overview

  • Will be responsible for overseeing on credit evaluation, credit administration, claim management, Non-Performing Loan and recovery management, management of reporting, and operational credit documentation, supporting the development and enhancement of GMS (Guarantee Management System), managing team, and building a good relationship with PFI.

Key Responsibilities:

  • Reporting to the Director of Centralized Operations (DCOP) in managing all aspects of centralized operations, including branch operations (if any) credit evaluation and credit administration, loan monitoring and recovery management, claim management, customer satisfaction, feedback management etc.
  • Assist the DCOP to be accountable for all credit evaluation and credit administration related matters e.g., ensure loan is approved within the provided Turn Around Time (TAT), manage claim request and proceed with claim settlement upon all term and conditions are fulfilled and accurate etc. and authorize all core systems data input (data amendments etc.)
  • Support and assist the DCOP on implementing operational matters of all CGCC’s credit guarantee schemes and bond guarantee to ensure the sustainability of CGCC’s product and service.
  • Assist the DCOP in supporting the development & enhancement of GMS (Guarantee Management System) and derive greater productivity and cost efficiency across all operational processes, including the review for process automation.
  • Assist the DCOP in management of reporting and operational credit documentation and periodic review on Portfolio Guarantee scheme (PGS).
  • Assist the DCOP to develop all credit management and loan monitoring related policies, standard operating procedures and framework and ensure the quality of credit documentation, specifically facility offer letters in line with the approved credit application, credit policies and procedures, prudential guidelines, and other relevant legislation.
  • Support and assist the DCOP to build and supervise a team of appropriate skills to assist him/her in carrying out his/her duties and ensure that they are trained accordingly.
  • Responsible for dealing with issues related to centralized operational matters with proper timeframe and building good relationships with PFIs.
  • Responsible for providing training to existing or new PFIs related to Guarantee Application Form (GAF) filing process and/or monthly report submission to ensure speed up the turnaround time.
  • Carry out any other duties and ad-hoc assignments assigned to him/her by the DCOP or Managements of the CGCC as and when required for CGCC.

Qualification Requirements

  • At least 5 years’ experience in the financial industry or banking sector related credit evaluation, credit admin, non-performing Loan, and recovery management.
  • Experience of managing team
  • Bachelor’s degree in finance, business administration, or a related field
  • Proficiency in relevant software and systems
  • Analytical and problem-solving skills
  • Attention to detail and accuracy
  • Ability to work under pressure and meet targets
  • Age is not over 40s

 

Deputy Manager of Legal and Company Secretariat

Key Responsibilities:

  • Assist direct reporting line supervisor in drafting and reviewing legal documents including contracts/agreements and memorandum of understanding between CGCC, participating financial institutions (PFIs), stakeholder and suppliers, court documentation, guidelines, policy, law and regulations, to support the operation of Legal and Company Secretary Department (LCS).
  • Assist in providing legal advice and solving legal matters to protect the CGCC’s interest.
  • Conducting research of legal information, laws, governmental regulations, rules, circulars, orders, instructions, and others and keeping up to date with changing legislation that may impact CGCC’s business and organizing legal libraries.
  • Drafting, formatting, and proofreading correspondence and basic legal documents, ensuring accuracy and consistency.
  • Translating legal documentation
  • Liaising with governmental regulators or authorities, legal counsel or lawyer, court on related matters and attending court process.
  • Organizing board and sub-board meetings, preparing agendas and papers for the meetings.
  • Convening and servicing meetings, taking minutes, drafting resolutions and meeting minutes, and arranging and maintaining these documents in an appropriate manner.
  • Coordinating with the Board and sub-board for related matters.
  • Drafting letters or documents on related matters and submit to the Ministry of Economy and Finance, other ministries or governmental authorities as necessary.
  • Maintaining corporate statutory documentations including constituent document, corporate document approved by relevant authorities, and filing any documents with relevant authorities
  • Attending any seminars, conferences, or events organized by CGCC, PFIs, stakeholders, ministries or governmental authorities.
  • Collaborate with direct reporting line supervisor in developing and delivering legal education and training programs to internal staffs to build capacity and to foster a culture of professional development.
  • Provide administrative support to LCS, including arranging files, tracking records, contract/agreements, other legal documents, travel arrangement, etc.
  • Complete other work as assigned by direct reporting line supervisor

Qualification Requirements

  • Bachelor of law or Master of law graduate having at least 3 year-experience in law firm, in-house legal in banks, financial institutions, or in any companies.
  • Having knowledge on relevant Cambodian laws and regulations, especially banking and finance laws and regulations.
  • Meticulous attention to detail and the ability to work well under pressure.
  • Interpersonal skills and the ability to work with people at all levels
  • Good organization and time management.
  • An ability to take initiative.
  • A flexible and practical approach to work.
  • Fluent in English and Khmer, both writing and speaking
  • Strong administrative skills and an aptitude for using IT software.
  • Good verbal and written communication skills.

Deadline: 6th September 2024

 

CGCC Organized a Training Course on “Public Speaking and Presentation Skills”

Posted on by Sorn Chhorvyvatey

From August 16 to 17, 2024, CGCC organized a training course on “Public Speaking and Presentation Skills” for CGCC”s staff at the CGCC’s Office.

CGCC strongly believes that this training course will build capacity and improve the presentation skills of CGCC staff, contributing to their work performance and CGCC’s development as a whole, especially for the staff’s long-term capacity development beyond providing staff with the opportunity to contribute to CGCC through their own works.

Women Entrepreneur Scheme 40% of CGCC Guaranteed Loan Book

Posted on by Sorn Chhorvyvatey

More than 40 percent of all loans guaranteed by the Credit Guarantee Corporation of Cambodia (CGCC) have been given to women entrepreneurs, CGCC CEO KL Wong in an exclusive interview told Khmer Times.

Currently, CGCC has guaranteed loans amounting to $200 million to 2,366 micro, small and medium enterprises (MSMEs) accounts as it marked three years of operation. Started during the Covid-19 pandemic to help businesses tide over the economic downturn, CGCC said it now has an outstanding guaranteed loan amount of $129 million and an outstanding guaranteed amount of $94 million from lending to MSME businesses that have provided jobs to more than 52,000 people in Cambodia.

Under the Women Entrepreneurs Guarantee Scheme (WEGS) there are many benefits for women taking a CGCC-guaranteed loan. Among the benefits are lower interest rates with the bank, a lower guarantee fee for the first year and higher coverage of loan guarantee, said Wong. Expanding, he said, that the guarantee fee for SMEs under the CGCC’s Business Recovery Guarantee Scheme (BRGS) was 1 percent. But for women entrepreneurs, this fee has been reduced to 0.5 percent from 1 percent for the first-year of the loan tenure. Apart from that, for SMEs under the BRGS scheme, about 70 percent of the loan is covered/guaranteed by CGCC. Whereas for the women entrepreneur scheme as high as 80 percent of the loan amount is guaranteed by CGCC.

The CGCC so far has supported many women entrepreneurs in diverse fields. One of the beneficiaries of its scheme is Rithypul founder and CEO Bopha Pen. In 2020, her financial awareness startup had a liquidity crunch. Needing working capital for day-to-day operations, she sought a bank loan. However, her collateral proved insufficient till CGCC stepped in and guaranteed her loan with one of its partner financial institutions CAMMA Microfinance.

Today Bopha, runs Rithypul and has launched training centres and a fintech mobile app Kotluy.

Another woman entrepreneur, who has benefitted from CGCC’s loan guarantee, is Thida Kheav’s SOGE. SOGE (also known as Solar Green Energy (Cambodia) Co), which is a renewable energy semiconductor manufacturer, lacked capital outlay for expansion. Till CGCC stepped in.

CGCC CEO KL Wong has said that the government is keen on giving priority to women-led businesses. When it first launched in 2021, about 23 percent of its total borrowers were women. This number went up to 35 percent of total borrowers in 2022. By the end of 2023, as high as 42 percent of CGCC’s total loan portfolio guaranteed is for women.

“We are proud of the gender diversity in our portfolio,” said Wong. CGCC currently has five loan guarantee schemes. Apart from WEGS and BRGS, CGCC has the Co-Financing Guarantee Scheme (CFGS), the Co-Financing Guarantee Scheme for Tourism (CFGS-TR) and Portfolio Guarantee Scheme (PGS).

CGCC CEO said that their scheme is tailored for SMEs, who form a vital part of Cambodia’s economy. SMEs represent 70 percent of employment opportunities in the country and contribute 58 percent to the country’s GDP. CGCC said that it is currently backing SMEs from diverse fields like agriculture, services, industry and services.

Wong also said the WEGS scheme has a ceiling cap for interest rates on loans. For the first-year interest rate the ceiling, inclusive of the first-year guarantee fees, was 8 percent for riel-denominated loans and 9 percent for dollar-denominated loans. And for microfinance institutions (MFIs) and deposit-taking institutions (MDIs), women could take loans that were fixed at an upper ceiling of 10 percent for riel-denominated loans and 11 percent for dollar-denominated loans.

He said women-led businesses were eligible for all types of loans, including term loans, overdrafts, trade financing facilities, etc. There was the option not just for new loans but also for refinancing old loans. CGCC said that it is currently guaranteeing both secured and unsecured loans. The maximum loan amount for working capital loans is $300,000
and the maximum amount for investment and business expansion plans is $500,000.

Credit to: Khmer Times, Publish on 16 August 2024

Understanding Financing Options for Businesses

Posted on by Sorn Chhorvyvatey

What are the available financing options for your business? In today’s dynamic business environment, securing the right financing is the key to propelling businesses towards success. Whether it’s borrowing from family members or raising funds from the public through an initial public offering (IPO), each avenue has its own unique characteristics suitable for businesses in different circumstances. Exploring financing options is a strategic approach to building a strong and sustainable financial foundation for the business.

1. Debt Financing

Debt financing is a method for businesses to raise funds by borrowing from lenders such as family, friends, financial institutions, or investors. The borrower is required to repay the loan principal plus interest during the debt’s maturity. Debt financing is a common and straightforward way to secure funds for business operations.

A loan from family or friends is the most appealing option for start-ups and small businesses. These loans and loans from other unregulated and unlicensed lenders are considered informal loans. This financing typically does not require a business track record, comes with loose terms and minimal paperwork, and is quick and easily accessible. However, informal loans have many drawbacks. For example, the borrowers’ creditworthiness is not properly assessed, which often results in a high loan default rate and the borrower’s high indebtedness. Furthermore, there is no standard loan restructuring to help the borrowers who face financial difficulty, and the recovery of the informal loan can be very harsh, leading to relationship breakdown. This risk underscores the need for caution and careful consideration when opting for this type of financing.

Another type of debt financing option is bank loans. Understanding and demonstrating the 5Cs—character, capital, collateral, capacity, and condition—is crucial when considering formal bank financing. Formal bank loans provide a better loan handling process. Bank loans are strictly regulated, and the banking regulations are designed to protect consumers and banking stability. CGCC has supported businesses in access to formal banks loans by providing credit guarantees which act as collateral for the borrowers.

Once a business matures, generally after 3 years or more of successful operation, it can consider raising funds through bond issuance. A bond is a fixed-income debt instrument, an alternative to a bank loan. Lenders lend money to the borrowers by purchasing the bonds issued by the borrowers who promise to pay back the principal plus interest during the maturity of the bond. Compared to a bank loan, a bond offers more flexibility in structure, size, maturity, and interest payment. The comparison between bank loans and bonds is explained in CGCC’s Newsletter Issue 9. CGCC launched the Bond Guarantee Scheme in January 2024 to support corporations issuing bonds in Cambodia.

2. Equity Financing

Equity financing is a method of raising capital by selling a portion of business ownership to investors. When investing in a company’s equity, the investors become shareholders of the business and may be able to influence critical company decisions. While equity investors are not entitled to fixed interest payments from the business, they share the profit and loss of the business. Equity financing can be raised through a private offering from angel investors and venture capital or a public offering from public investors.

An angel investment is an equity investment by angel investors (wealthy individuals with business experience) who purchase ownership of a business, usually a start-up, that they find attractive and have the potential to grow and generate high profits. To raise funds from angel investors, the business owners should have a solid business plan that can convince the angel investors to invest. Unlike angel investors, who invest their own money in the business, venture capitalists use a pool of funds from individual and institutional investors. Venture capital conducts stricter due diligence on the businesses before deciding to invest and can provide technical assistance and managerial experience to improve the operation of the company.

Another financing option is an initial public offering (IPO), a process of selling company shares to public investors for the first time. Since the funds are raised from the public, a publicly listed company is required to go through rigorous due diligence and comply with strict disclosure requirements. Therefore, IPO can increase the company’s publicity, credibility, and greater access to financing for long-term future growth. The process of IPO is regulated by the Securities and Exchange Regulator of Cambodia.

 

Read more: Understanding Financing Options for Businesses

 

Understanding Credit Guarantee-Interview with Participating Financial Institution (FTB Bank)

Posted on by Sorn Chhorvyvatey

1. What is FTB Bank’s perspective towards the credit guarantee schemes and why does your bank partner with CGCC?

As the first commercial bank in Cambodia, a truly local bank trusted since 1979, FTB has been consistently contributing to develop the local market and economy through relentless supporting projects initiated by the Royal Government of Cambodia (RGC). The Credit Guarantee Corporation of Cambodia (CGCC) is a great initiative of the RGC, which focuses on business owners typically possessing no or insufficient collateral to access credit in a manner that they would otherwise be unable to obtain.

Being one of the earlier Participating Financial Institution (PFI), there are various opportunities presented to FTB, which are inclusive of:

  • Having further participation in the RGC’s initiatives to promote national economic growth by continuing to provide loans to customers who have real financing needs with solid business plan but do lack of collateral to pledge.
  • Contributing to the opportunities of creating jobs and employment for people through offering access to finance through credit guarantees scheme to Small and Medium-Sized Enterprises (SMEs) and Large Enterprises to enable them to enhance productivity and expand their business operations.
  • Creating new business opportunities for the Bank’s own operation through supporting new and existing clients to expand credit portfolio in alignment with the Bank’s strategic plan.

 

2. How do the credit guarantee schemes benefit FTB Bank and your customers?

The credit guarantee schemes offer benefits to FTB and the customers in numbers of ways:

For Bank:

  • Introducing new credit opportunities for customers who need funding but lack of collateral to pledge, as well as represents a significant development in the banking sector, transitioning from traditional collateral-based loans, such as those secured by real estate and other property, to loan covered by the guarantee under this new scheme.
  • Maintaining the existing customers and attracting new potential ones to use FTB Bank’s services by providing flexible loans tailored to their needs and investment plans.
  • Mitigating credit risk by obtaining credit guarantees up to 80% of the loan amount from CGCC

For the Customers:

  • Enabling potential customers access to new loans through financial institutions licensed by the National Bank of Cambodia, even without sufficient collateral.
  • Getting comprehensive financial advice from bank experts who have received proper training from relevant institutions.
  • Empowering customers to expand their businesses according to their set plan.

 

3. So far, which type of loans the Bank use the credit guarantees to support SMEs?

Since being a Participating Financial Institution, FTB has been actively providing all types of loans to customers, such as Business Term Loans, Overdraft Loans and Revolving Loans to support credit guarantee schemes as follows:

  • Rice Export Guarantee Scheme (REGS)
  • Women Entrepreneurs Guarantee Scheme (WEGS)
  • Business Recovery Guarantee Scheme (BRGS)
  • Co-Financing Guarantee Scheme for Tourism (CFGS-TR)

 

4. How should the borrowers prepare themselves to get guaranteed loans from the Bank?

To obtain the guaranteed loans from the FTB Bank, business owners shall meet the following key criteria among various requirements:

  • Businesses with a Cambodian shareholder (shareholding of more than 50%) and sufficient capital to participate in investment projects, intending to utilize the loan in accordance with the CGCC’s requirements.
  • Business registration issued by the legalized government authorities.
  • Unregistered businesses must be registered with relevant authorities after receiving the loan.
  • Businesses with sufficient income to ensure their ability for loan repayment to the bank.

 

5. What is the Bank’s strategy/plan to further expand the disbursement of guaranteed loans in 2024?

In alignment with our strategic plan, FTB will continue to offer guaranteed loans with numbers of key priorities and actions including:

  • Continuing to actively promote our services to both existing and new customers who have a potential and solid plan to expand the business.
  • Developing a training program for all related lending staff to ensure they have a clear understanding and are well equipped to support the customers with their financing needs.
  • Continuing to collaborate with relevant parties to streamline the process of obtaining guaranteed loans to ensure convenience and speed from the CGCC.

 

Read and Download in PDF: Interview with participating Financial Institution (FTB Bank)

 

Job Vacancy with CGCC – Director of Risk Management and Compliance

Posted on by Sorn Chhorvyvatey

Director of Risk Management and Compliance

 

Key responsibilities

  • Reporting to the Board Risk Management Committee and administratively to the CEO.
  • Develop appropriate reporting templates for regular management and Board updates.
  • Enterprise-wide risk management; with pertinent focus to build a robust credit risk management framework.
  • Operational risk mgmt., including Disaster Recovery planning & Business Continuity planning.
  • Credit management, including guarantee request assessments portfolio management, credit policies, credit quality standards and credit management processes, and credit recovery management.
  • Carry out any other duties and ad-hoc assignments assigned by managements as and when required for CGCC.

 

Qualification Requirements

  • Master’s degree in economics, Finance, Business, or other related fields.
  • All the respective candidates shall preferably be local Cambodian candidates with a strong background in senior level management. They should have significant working experience in their respective responsibilities.
  • The candidates should have a minimum of 5 years of working professional experiences in the Cambodian financial services industry, particularly in the above respective responsibilities.
  • Ability to work effectively as a team with a sense of responsibility, flexibility, and adaptability, and ability to learn and to work under pressure.
  • Proven coordination, communication, interpersonal and diplomatic skills.
  • Excellent verbal and written communication skills in Khmer and English.

 

Please submit your CV and Cover letter to Email: [email protected] (Deadline: 09 September 2024)

CGCC 2nd Town Hall Meeting 2024 on “Milestones in Q2 2024 and Strategy Plan in Q3 2024”

Posted on by Sorn Chhorvyvatey

On 01 August 2024, CGCC organized the Quarterly Town Hall meeting, a gathering of all management and CGCC staff to update on the progress and milestones of CGCC in the 2nd quarter of 2024 as well as share the strategy and action plans of all respective departments of the 3rd quarter of 2024.

This Town Hall Meeting was attended by all management and staff and was not only to share the progress report and plans from all departments but also for a dialogue platform to openly discuss and obtain recommendations from management on the direction of CGCC’s operations and vision in improving financial inclusion and developing SMEs in Cambodia.

Job Vacancy with CGCC – Manager of Finance and Business Analytics & Deputy Manager of Business Development (Bond Guarantee)

Posted on by Sorn Chhorvyvatey

Manager of Finance and Business Analytics

Key responsibilities

  • Ensure that master data (supplier, customer, etc.…) in accounting system is accurate and UpToDate.
  • Review contracts and agreements for implication related to accounting and taxes.
  • Ensure that receivables and payables are effectively managed.
  • Review and ensure that all payments are in line with policies and procedures and in accordance with approved budget.
  • Review and approve accounting records in accounting system.
  • Ensure that all accounting records, general ledgers, and all reconciliations are done correctly (including all accruals and provisions) and on time.
  • Manage fixed assets register and depreciation according to policies.
  • Coordinate with all departments to ensure that annual budget and business plan are done on a timely manner.
  • Prepare financial reports and management reports and conduct analysis as required.
  • Prepare statutory reports as required.
  • Ensure proper payment, filing and compliance with tax authority and relevant regulators.
  • Review and update policies, procedures and internal controls as needed.
  • Carry out any other duties and ad-hoc assignments assigned by managements as and when required for CGCC.

 

Qualification Requirements

  • Bachelor’s degree in (master’s degree or professional accountant graduation is preferred) finance, Accounting, Banking, Business Management or related field.
  • At least 5 to 8 years’ experience in accounting and finance.
  • Excellent computer skills and proficient in excel, word and outlook.
  • Good analysis and reporting skills.
  • Good knowledge of ERP system or other accounting applications
  • Be able to communicate effectively and professionally in Khmer and English both in writing and speaking.
  • Be able to manage different tasks with the deadline.
  • Be proactive, creative and a good team player
  • Willing to learn new things.

 

Deputy Manager of Business Development (Bond Guarantee)

Key Responsibilities

  • Assist the Manager of Business Development (Bond Guarantee) on daily operational work for the execution of the deals including:
    • Reviewing and summarizing applications and documents submitted by issuers
    • Supporting the assessment on issuers by analysing financial statements and other documents
    • Participating in meetings and writing proposal
    • Participating in due diligence on issuers
    • Coordinating with relevant departments and underwriters during the process
  • Perform research as required for the implementation and improvement of CGCC’s bond guarantee
  • Analyse various industries for assessment and monitoring purposes
  • Assist the department in communication with ministries, regulators, and other institutions on bond guarantee-related matters
  • Maintain knowledge of laws and regulations applicable to bond issuance
  • Develop close working relationships with securities companies, potential issuers, and bond investors to expand CGCC’s bond guarantee opportunities
  • Develop close working relationships with international partners regarding bond guarantee
  • Perform other tasks as assigned by the management

Qualification Requirements

  • Master’s degree in accounting, banking, and finance or related field; a CAT (Certified Accounting Technician) is preferred
  • At least five years of working experience in the banking or securities industry, particularly in credit assessment or risk management
  • Experienced in financial statements analysis
  • Working knowledge of accounting and finance
  • Strong analytical and critical thinking skills
  • Strong multitasking skills
  • Strong verbal and written communication skills in Khmer and English
  • Ability to work effectively as a team with a sense of responsibility, flexibility, and adaptability
  • Ability to prioritize tasks, maintain timelines, and manage/plan workloads effectively
  • Competence in Microsoft Office Software

Please submit your CV and Cover letter to Email: [email protected] (Deadline: 30 August 2024)

 

CGCC Collaborates With GuarantCo and PIDG to Accelerate Financial Inclusion and Enhance Investment in Sustainable Infrastructure in Cambodia

Posted on by Sorn Chhorvyvatey

The Credit Guarantee Corporation of Cambodia (CGCC) GuarantCo and the Private Infrastructure Development Group (PIDG) have signed a Memorandum of Understanding (MoU) which is intended to accelerate sustainable financial inclusion and increase investment opportunities in Cambodia. The collaboration will also facilitate the scale up of CGCC’s capacity through involvement in a range of transaction types with GuarantCo and PIDG Technical Assistance (TA).

Having completed three transactions in Cambodia, GuarantCo is seeking to develop CGCC’s capital market guarantee capability via the PIDG Credit Enhancement Facility initiative. This programme aims to increase the availability of onshore local currency guarantees in target markets through partnering with local entities and utilizing products from across the PIDG Group, in this case re-guarantee facilities from GuarantCo and technical assistance from PIDG TA.

The MoU being signed is the first step towards a broader Framework Agreement, which both parties hope to close and execute later this year, covering syndication of GuarantCo guarantee exposure to CGCC and vice versa, as well as technical assistance.

The Technical Assistance programme will assist CGCC to develop key guarantee documents and engage a transaction counsel to advise on the facility documentation, as well as provide capacity building support on credit, investment and Sustainable Development Impact management processes.

Philippe Valahu CEO of PIDG, said: “Local financing solutions are an essential part of our 2030 strategy and the establishment of in-country credit enhancement facilities is a key objective to help develop local markets. Signing this Memorandum of Understanding with the Credit Guarantee Corporation of Cambodia will help expedite this work.”

Layth Al-Falaki, CEO of GuarantCo, said: “We are proud to have signed this Memorandum of Understanding with the Credit Guarantee Corporation of Cambodia and to be able to mobilise guarantee capacity to help CGCC expand to undertake transactions in progressive sustainable financing through the local capital markets, in line with PIDG and GuarantCo’s strategic plans. GuarantCo’s engagement in Cambodia started in 2022 through transactions with First Finance and Royal Railway followed by Cellcard in 2023. Through this MoU with CGCC, we are continuing our momentum in the country to the advantage of Cambodians who will benefit from improved infrastructure.”

Wong Keet Loong, CEO of the Credit Guarantee Corporation of Cambodia, said: “We are honoured to have the opportunity to work with GuarantCo, an established international guarantee provider, funded by seven G12 governments including the United Kingdom, Switzerland, Sweden, Australia, the Netherlands, Canada and France. CGCC will benefit from the technical expertise to embed best practices into our bond guarantee processes. We are excited with this collaboration and look forward to the structured facility which will expand our guarantee capacity.”

About GuarantCo

www.guarantco.com

About PIDG

www.pidg.org

About Credit Guarantee Corporation of Cambodia

www.cgcc.com.kh

Credit to: KIRIPOST, Publish on 02 August 2024