Category: Announcement
GuarantCo and CGCC Sign Framework Agreement and First Transaction Together to Accelerate Sustainable Infrastructure Investment in Cambodia
Appointment and Transfer Ceremony of CEO of CGCC
On 27 September 2024, Credit Guarantee Corporation of Cambodia (CGCC) organized the “Appointment and Transfer Ceremony of CEO of CGCC”, presided over by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF), Chairman of CGCC, and honorable presence of the members of Board of Directors (BoDs) of CGCC, local and international partners, financial institutions, business associations, and related stakeholders approximately more than 100 participants at the Oakwood Premier Phnom Penh.
This ceremony marked Mr. Wong Keet Loong‘s official farewell and the announcement of CGCC’s new CEO. It was organized to express CGCC’s gratitude for Mr. Wong’s participation in establishing and leading CGCC as the CEO and an opportunity to express his appreciation for related stakeholders’ support and collaboration during his tenure, and also to officially announce the appointment and transfer of the CEO of CGCC through the Sub-Decree No. 872 ANKR.TT, highly approved by Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, with the recommendation from H.E. Akka Pundit Sopheacha Aun Pornmoniroth, Deputy Prime Minister, Minister of MEF, to appoint Mr. No Lida to be the CEO of CGCC, a key person in the development of CGCC and leading CGCC as the deputy CEO in the last 4 years, and previously served at the MEF for more than 10 years with full of experiences and capacity to continue leading CGCC.
Through this ceremony, CGCC also officially launched the “Sustainable Green Financing Facility (SGFF),” a blended financing model developed in collaboration between CGCC and the United Nations Development Program (UNDP), which will enable development partners and Participating Financial Institutions (PFIs) to establish a blended financing facility with CGCC to provide financing to green sector investments in favorable terms to support the Sustainable Development Goals (SDG). The launching ceremony was highly witnessed by H.E. Chairman and members of the BoDs of CGCC, Mr. Shakeel Ahmad, Deputy Country Representative of UNDP, and CEO of CGCC.
H.E. Ros Seilava mentioned, “The success and growth of CGCC so far have not come by chance; it has come from the professional roles, responsibilities, and commitment of all CGCC management and staffs at all levels, especially the support from good cooperation of all stakeholders, including the government institutions, development partners, associations, participating financial institutions, and SMEs.”
Mr. Wong Keet Loong remarks, “I’m honored to have the opportunity to lead CGCC from its inception to where it is today. CGCC has achieved many milestones, from being the first credit guarantee and bond guarantee institution in Cambodia. It will continue to play a critical role in developing the growth of MSMEs by improving financial access and financial literacy.”
Mr. No Lida mentioned, “I am deeply honored to have earned the trust of the Board of Directors of CGCC, the Deputy Prime Minister, Minister of Economy and Finance, and most importantly, Samdech Moha Borvor Thipadei, HUN MANET, Prime Minister of Cambodia, who appointed me as the CEO of CGCC. I am fully committed to doing my best for CGCC. I will utilize all my abilities to bring CGCC forward as a merit and principle-based institution and always uphold CGCC’s core values of TRUSTS – Trustworthy, Responsible, United, Sustainable, Transparent, and State Policy-Oriented.”
CGCC was incorporated in November 2020 and launched the first credit guarantee scheme on 29 March 2021. As of the end of August 2024, CGCC had approved 2,678 guaranteed accounts on guaranteed loans amounting to approximately USD 225 million.
Signing MOU between The Securities and Exchange Regulator of Cambodia and CGCC
PRESS RELEASE UNIDO, FIA & CGCC LAUNCH INNOVATIVE INVESTMENT SUPPORT FACILITY (ISF) SCHEME TO CATALYZE GROWTH IN CAMBODIA’S POST-HARVEST FISHERIES
PRESS RELEASE Signing Ceremony on MOU Between CGCC and Cambodia Rice Federation and Rice Export Guarantee Scheme Agreement Between CGCC and Participating Financial Institutions
Extension of Request for Proposal “Legal Counsel”
CGCC is a state-owned enterprise, established under the technical and financial guidance of the Ministry of Economy and Finance (MEF) to provide credit guarantees based on international standards to improve financial inclusion and support the growth of SMEs in Cambodia. CGCC obtained the accreditation from the Securities and Exchange Regulator of Cambodia (“SERC”) to become the bond guarantor on 22 August 2023 (“Bond Guarantor” or “Guarantor”).
CGCC wishes to provide guarantee on bonds to be listed on the Cambodia Securities Exchange.
CGCC is seeking to engage a Cambodian legal counsel (“Legal Counsel”) to perform the services as described in the scope of work.
PRESS RELEASE CGCC ANNUAL SEMINAR ON “DIVERSIFYING CREDIT GUARANTEE MECHANISM FOR SUSTAINABLE FINANCING OF MSMES”
Press Release – Prakas on Credit Risk for Capital Adequacy Ratios in Deposit-Taking Banks and Financial Institutions of National Bank of Cambodia
Credit Guarantee Corporation of Cambodia (CGCC) is pleased to inform the Participating Financial Institutions (PFIs) that on 29th June 2023 the National Bank of Cambodia (NBC) announced the implementation of “Prakas on Credit Risk for Capital Adequacy Ratios in Deposit-Taking Banks and Financial Institutions”. In the press release issued on the same day about this Prakas on Credit Risk for Capital Adequacy Ratios in Deposit-Taking Banks and Financial Institutions, NBC stated the purpose of this Prakas is to develop a comprehensive credit risk weight, which varies according to the type of credit, borrowers, or counterparties and reflect the level of risk that the institution may actually face in order to strengthen the effectiveness of risk management.
The press release of NBC also mentioned the implementation of prudent and well-balanced measures and careful consideration to promoting the development of the banking and financial sector and national economic growth, as well as to support the Royal Government of Cambodia in implementing relevant policies, including special attention to “Support credit guarantee mechanisms established by the Royal Government of Cambodia, such as the Credit Guarantee Corporation of Cambodia (CGCC), with a zero percent risk weight on the part of the exposure that is guaranteed in order to facilitate Micro, Small and Medium Enterprises in access to more sources of fund”.
CGCC is the first-ever credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion.
Phnom Penh, 03 July 2023
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
(Phnom Penh) ៖ On 17 January 2023 morning, the Ministry of Economy and Finance (MEF) and Credit Guarantee Corporation of Cambodia (CGCC) co-organize CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”. This Seminar is presided over by H.E. Dr. Mey Vann, Secretary of State of MEF, high representative of H.E. Akka Pundit Sopheacha, Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, with the participation of high-level management from the Ministry of Economy and Finance, National Bank of Cambodia, Ministry of Women’s Affairs, Ministry of Industry, Science, Technology and Innovation, National and International Development Partners, Banks and Financial Institutions, and associations of more than 150 participants.
The purposes of this Seminar are to review CGCC’s annual guarantee progress, discuss the challenges and solutions on the implementation of credit guarantee schemes, share views on credit guarantee schemes in SMEs development as well as study the experiences of credit guarantee schemes in Malaysia and Thailand.
H.E. Dr. Mey Vann, stated, “SMEs are the indispensable driving force to ensure Cambodia’s sustainable, inclusive, and resilient economic growth. SMEs have played important roles in supporting Cambodia’s socioeconomic development and contributed significantly to poverty reduction from 50.2% in 2003 to 17.8% in 2020 through job creation and income growth of the Cambodian people.
In this Seminar, H.E. Dr. Mey Vann, high representative of H.E. Akka Pundit Sopheacha, Deputy Prime Minister, launched the “Portfolio Guarantee Scheme” and presented the awards to outstanding Participating Financial Institutions (PFIs) of CGCC in 2022, consisting of Canadia Bank, Sathapana Bank, AMK Microfinance, ABA Bank, and LOLC Microfinance.
CGCC was established by the Royal Government of Cambodia at the end of 2022 and launched the first credit guarantee scheme in March 2021. By the end of December 2022, CGCC has provided guarantees on 985 business loans with a total loan amount of more than USD 92 million, most of which are loans without sufficient collateral.
Click here to read more about: 12th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC