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CGCC Annual Seminar on “Diversifying Credit Guarantee Mechanism for Sustainable Financing of MSMEs”

Posted on by Sorn Chhorvyvatey

On 31 January 2024, the Ministry of Economy and Finance (MEF) and the Credit Guarantee Corporation of Cambodia (CGCC) co-organized the CGCC Annual Seminar on “Diversifying Credit Guarantee Mechanism for Sustainable Financing of MSMEs”, presided over by H.E. ROS SEILAVA, Secretary of State of Ministry of Economy and Finance, high representative of H.E. Deputy Prime Minister, Minister of Economy and Finance, at Sofitel Phnom Penh Phokeetra.

CGCC Annual Seminar was organized to wrap up and celebrate accomplishments, review the progress of public credit guarantee schemes, award top-performing financial institutions, and launch new public credit guarantee products, as well as collect inputs from related stakeholders for improving public credit guarantee mechanisms to promote financial inclusion and develop small and medium enterprises in Cambodia. Approximately, around 200 participants from public institutions, domestic and international development partners, banks and microfinance institutions, securities firms, and business associations attended the seminar.

In the Seminar, H.E. ROS SEILAVA launched “CGCC as the First Cambodian Bond Guarantor” after CGCC was accredited by the Securities and Exchange Regulator of Cambodia on 22 August 2023 and rated khAAA, the highest rating by the local rating scale, by Rating Agency of Cambodia on 19 December 2023. In addition, H.E. ROS SEILAVA granted the Ministry of Economy and Finance’s Outstanding Awards to participating financial institutions including CANADIA BANK, SATHAPANA BANK, ABA BANK, LOLC MICROFINANCE, and AMK MICROFINANCE, that have disbursed the most guaranteed accounts and a Special Award to ABA BANK for maintaining the best Asset Quality in Guaranteed Loans in 2023. CGCC also launched the “Entrepreneurship Program Initiative of CGCC (EPIC)”, its flagship capacity-building program to promote entrepreneurship and financial literacy of micro, small and medium enterprises.

H.E. ROS SEILAVA mentioned “While the global economic architecture has been rapidly changing, CGCC plays an important role in supporting MSMEs to access adequate financing to seize investment opportunities, increase employment, and generate income to support economic growth and Cambodia’s Vision 2030 and 2050. In addition, CGCC must be ready to support Cambodia’s securities market by diversifying credit guarantee services to bond guarantees to provide credit enhancements to local bond issuers, enabling them to mobilize funds through bond issuance on Cambodia’s securities market. The credit guarantee mechanism will promote innovative financing and financial products which will support economic diversification and improve Cambodia’s competitiveness in line with the Pentagonal Strategy-Phase 1 for Growth, Employment, Equity, Efficiency, and Sustainability​ of the Royal Government of Cambodia of the Seventh Legislature of the National Assembly.”

In this Seminar, there were also presentations on topics related to the Government’s policies, international experiences in credit guarantees, and bond guarantees by representatives of the National Bank of Cambodia (NBC), Korea Credit Guarantee Fund (KODIT), and GuarantCo from Singapore, as well as a panel discussion on benefits and opportunities for Guaranteed Bonds in Cambodia’s capital market development among the panelists from the Securities and Exchange Regulator of Cambodia, Cambodia Association of Securities Firms, Forte Group, and the representative of Credit Guarantee and Investment Facility (CGIF) from the Philippines.

CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance with a main mission to provide credit guarantees to improve financial inclusion and support the development of small and medium enterprises. CGCC has launched 3 individual guarantee schemes, 6 portfolio guarantee schemes, and bond guarantees, as well as a capacity-building program for small and medium enterprises. As of 31 December 2023, after 3 years of operations, CGCC has approved credit guarantees on loans amounting to USD 164.72 million benefiting approximately 1928 businesses across the country. Those businesses provide jobs to more than 52,000 employees.

A cooperative business linkage event on “Strengthening and Extending the Agricultural Products through Contract Farming Implementation”

Posted on by Sorn Chhorvyvatey

On December 28, 2023, Ms. Pin Manika, Manager of Marketing and Business Development, represented Credit Guarantee Corporation of Cambodia (CGCC), was invited to attend a cooperative business linkage event on “Strengthening and Extending the Agricultural Products through Contract Farming Implementation,” organized by Cambodian Agricultural Cooperative Alliance (CACA)” presided over by representative of the Ministry of Agriculture, Forestry, and Fisheries and the Cambodian Agricultural Cooperative Alliance. The agricultural community leaders, rural community representatives, representatives from state institutions, development counterparties, and private institutions, with approximately 230 attendees, attended.

The forum is organized to create collective dialogues with private sector institutions, manufacturers (Agricultural Community), development partners and relevant organizations to find out progress, challenges, and solutions, especially continuity together efforts in partnership between governments, agricultural communities, private sectors, development partners and institutions involved to support the strengthening and expanding agricultural products market more efficiently and energetically.

On that occasion, Ms. Pin Manika also presented the CGCC’s credit guarantee schemes and the benefits of guaranteed loans through CGCC’s participating financial institutions in response to the lack of collateral when applying for a loan to expand and rehabilitate their businesses, especially to the business owners who are in the agriculture sector.

CGCC Participated in the Annual Training Program Under the Theme “SME Finance and Support Measure of Korea” Organized by KODIT in Seoul, Republic of Korea

Posted on by Sorn Chhorvyvatey

From November 26 to December 1, 2023, under the cooperation between Korea Credit Guarantee Fund (KODIT) and Credit Guarantee Corporation of Cambodia (CGCC), Mr. Nhim Soriya, Director of Finance and Business Analytics and Ms. Pin Manika, Manager of Marketing and Business Development of CGCC, together with one representative from the General Department of Policy of the Ministry of Economy and Finance, and one representative from the Non-Banking Financial Services Authority, participated in the annual training program under the theme “SME Finance and Support Measure of Korea” organized by KODIT in Seoul, Republic of Korea.

This training program focused on the institutional framework, laws and regulations, schemes/products, procedures, risk management, and mechanisms related to credit guarantee, especially KODIT’s programs and activities in supporting small and medium enterprises and the Environmental, Social, and Governance (ESG) in the Republic of Korea. This training program provided an opportunity for the CGCC team and other participants to learn about experiences, best practices, and new credit guarantee mechanisms to strengthen the efficiency of CGCC’s credit guarantees.

Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kratie Province

Posted on by Sorn Chhorvyvatey

On 12th December 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC) co-organized a seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kratie province in collaboration with Kratie-Steung Treng-Ratanakiri Chamber of Commerce with more than 60 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Kratie and other provinces. The seminar was also presided over by Mr. Keo Sothearith, President of Cambodia Chamber of Commerce, chapter based in Kratie, Steung Treng, and Ratanakiri province, Mr. No Lida, Deputy CEO of CGCC, Mr. Hoy Saksa, General Secretary of Cambodia Agricultural Cooperative Alliance, and the presentations by representatives from Prince Bank and Phillip Bank as well.

Through this seminar, small and medium business owners are informed about the benefits of guaranteed loans through CGCC’s participating financial institutions in response to the lack of collateral when applying for a loan to expand and rehabilitate their businesses more.

CGCC visits PFIs provincial branches in Kratie, Steung Treng, Ratanakiri & Mondulkiri to Enhance Collaboration on the Credit Guarantee

Posted on by Sorn Chhorvyvatey

From 11 December to 15 December 2023, CGCC team led by Ms. Pin Manika, Manager of Marketing and Business Development of CGCC, visited provincial branches of selected participating financial institutions (PFIs) to discuss with the management and staff of the selected PFIs the implementation of CGCC’s credit guarantee schemes. The selected PFIs in 4 provinces including:

– Kratie province: ABA Bank

– Steung Treng province: Prince Bank & Phillip Bank

– Ratanakiri Province: Canadia Bank & Prince Bank

– Mondulkiri Province: Canadia Bank and ABA Bank

The discussions with CGCC PFIs’ provincial branches in these 4 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to borrowers that lack collateral when requesting loans.

Credit Guarantee Corporation Cambodia (CGCC) Signed a Memorandum of Understanding (MoU) with Thai Credit Guarantee Corporation (TCG)

Posted on by Sorn Chhorvyvatey

On 29 November 2023 in Bangkok Thailand, upon the approval from H.E. Deputy Prime Minister, Minister of Economy and Finance, Credit Guarantee Corporation Cambodia (CGCC) signed a Memorandum of Understanding (MoU) with Thai Credit Guarantee Corporation (TCG) witnessed by H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance, and Chairman of Board Risk Management Committee of CGCC,​ to establish cooperation between CGCC and TCG to develop credit guarantee mechanism through information exchange, knowledge exchange, technical assistance and consultation with one another.

 

Meeting Between CGCC ADB, and GGGI exploring the collaboration on Cambodian Green Sustainable Financing

Posted on by Sorn Chhorvyvatey

On 06 December 2023, CGCC, led by Mr. Wong Keet Loong, CEO of CGCC, met with the Asian Development Bank (ADB), and the Global Green Growth Institute (GGGI) to discuss on GGGI’s Switch Garment Project to promote sustainable energy practices in the Garment Sector in Cambodia.

The meeting also aimed to explore collaboration opportunities between CGCC, ADB, and GGGI to implement the Sustainable Green Financing Facility (SGFF), a blended financing facility comprising of credit guarantee, and technical assistance elements, to support sustainable development goal (SDG).

Courtesy Visit by CGCC to Kasikornbank in Thailand

Posted on by Sorn Chhorvyvatey

On 01 December 2023 in Bangkok, Thailand, CGCC’s delegation, led H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance and Chairman of the Board’s Risk Management Committee of CGCC, paid a courtesy visit to the Kasikornbank (KBank) Public Company Limited based in Thailand, highly represented by Mr. Suwat Techawatanawana, Executive Vice President of KBank in Thailand, at the KBank’s Building in Bangkok, Thailand, with the participation from the management of KBank in Thailand and Phnom Penh Branch, which in one of CGCC’s PFI.

Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand

H.E. Dr. Secretary of State expressed his appreciation for the warm welcome of the management of KBank Thailand, and also exchanged views about the economic situation in Cambodia and Thailand, and H.E. raised on the collaboration between CGCC and the Branch of Kasikornbank (Phnom Penh), which recently became one of CGCC’s PFIs in 2023.

In response, Mr. Executive Vice President of KBank Thailand​ expressed gratitude and appreciation for the courtesy visit of CGCC’s delegation, and especially shared with CGCC the progress of KBank as well as the experience of providing loans guaranteed by Thai Credit Guarantee Corporation in Thailand.

This courtesy visit provided such a great opportunity for both CGCC and KBank for a mutual understanding of the current economic situation in both countries, especially for strengthening the collaboration between both institutions for the like-minded vision in supporting MSMEs.

Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand

“CGCC Annual Staff Retreat 2023 in Siem Reap”

Posted on by Sorn Chhorvyvatey

On November 9 to 12, 2023, CGCC organized the annual staff retreat along with a training program on “Action Leadership for Growth,” as well as a team building at Siem Reap province on November 9 to 12, 2023, to strengthen productivity,​ solidarity, and appreciation to all staff’s efforts in credit guarantee development.

“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”

This annual staff retreat provided all staff with a closer understanding of each other, shared working experiences, and increased capacity building and knowledge on action leadership for the growth to improve their productivity, as well as to contribute to the development of CGCC, in line with the vision to enhance financial inclusion and develop SMEs in Cambodia too.

“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”
“CGCC Annual Staff Retreat 2023 in Siem Reap”

CGCC Participated in the Women Entrepreneurs Day to share on Government’s Mechanism to support women entrepreneurs

Posted on by Sorn Chhorvyvatey

On 11​ November 2023, Mr. No Lida, Deputy CEO of CGCC, led CGCC team to participate in the Women Entrepreneurs Day organized by Cambodia Women Entrepreneurs Association under the topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”. This meaningful event was attended by more than 150 participants from relevant institutions from the public and private sectors, as well as development partners.

CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”
CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”

During this event, Ms. San Sokrina, Manager of Product Development of CGCC, was a guest speaker in a panel discussion on “Government Support to Women Entrepreneurs Facing Global Economic Crisis”. During the panel discussion, Ms. San Sokrina shared CGCC’s Credit Guarantee Schemes, especially the Women Entrepreneurs Guarantee Scheme, which is specifically designed for women entrepreneurs’ access to finance to support their businesses, as well as key recommendations to women entrepreneurs on how to manage and gain access to business loans.

CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”
CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”
CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”
CGCC Team to Participate in the Women Entrepreneurs Day Organized by Cambodia Women Entrepreneurs Association Under the Topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”