From 28 March to 30 March 2023, CGCC team led by Mr. No Lida, Deputy CEO 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 3 provinces including:
Kandal province: Sathapana Bank, Acleda Bank and Maybank;
Prey Veng province: ABA Bank, Canadia Bank, LOLC Microfinance Institution and Sathapana Bank
Svay Rieng Province: LOLC Microfinance Institution, ABA Bank and Sathapna Bank.
CGCC visits PFIs provincial branches in Kandal, Prey Veng and Svay Rieng, to Enhance Collaboration on the Credit Guarantee
The discussions with CGCC PFIs’ provincial branches in these 3 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.
Through these face-to-face discussions with more than hundreds of PFIs’ provincial managements and staffs, CGCC had such a great opportunity to learn directly about the implementation of credit guarantees by these selected PFIs provincial branches as well as their comments and feedback on CGCC’s credit guarantee schemes. CGCC and PFIs will continue to strengthen cooperation in providing guaranteed loans to business owners.
CGCC visits PFIs provincial branches in Kandal, Prey Veng and Svay Rieng, to Enhance Collaboration on the Credit Guarantee
(Phnom Penh,27 March 2023): Credit Guarantee Corporation of Cambodia (CGCC) and Oriental Bank officially announce a partnership on Credit Guarantee Agreement to provide guaranteed loans for businesses that lack collateral. This cooperation will be a key financial instrument to assist businesses, especially Micro, Small, and Medium-sized enterprises (MSMEs) who are struggling to obtain loans due to insufficient collateral to pledge at the bank for business working capital and business expansion.
CGCC aims to improve financial inclusion and develop MSMEs with the mission in providing guarantees for loans through Participating Financial Institutions (PFIs) to MSMEs. Meanwhile, Oriental Bank is one of the liked-minded CGCC’s vision that focuses on serving the MSME sector by providing sustainable financial products and services that will add value to the customers, and economy. The partnership will enable eligible MSMEs to obtain loans without having to put up collateral, which is a major obstacle for many businesses in Cambodia.
Chief Executive Officer of CGCC, Mr. Wong Keet Loong, expressed excitement about this collaboration, saying “Our partnership with Oriental Bank marks our 26th participating FI to provide guaranteed loans. Though the bank is new, the senior management team has more than 25 years of banking experience in Cambodia with strong understanding of the SME financing needs.”
He further added that “For the first 3 months of 2023, CGCC has issued approximately 250 guarantees amounting to about $20mil. This is a good start for the year, and we believe the momentum will continue to support businesses in obtaining loans.”
CGCC and Oriental Bank Announce Partnership to Provide Guaranteed Loans for businesses lacking collaterals
Managing Director & Chief Executive Officer of Oriental Bank, Datuk Phan Ying Tong mentioned, “We are thrilled to be partnering with CGCC to support SMEs in Cambodia. This partnership is a significant milestone for us, it opens up new opportunites for us and it demonstrates our commitment to driving financial inclusion and promoting economic growth in the country. This latest offering is parallel with our corporate mission to be More Than Just a Bank, we strive to grow with our community and MSMEs and assist them in any way that we can. The partnership with CGCC has enabled eligible MSMEs to obtain financing facilities from Oriental Bank at a competitive rate without the necessary need to provide collaterals. This latest offering also reaffirms Oriental Bank’s commitment to supporting the development of MSME businesses, which form the backbone of the Cambodian economy.”
Oriental Bank has now become one of the 26 Participating Financial Institutions (PFIs) of CGCC, committed to assisting business entities in line with the government’s direction to support SMEs. CGCC and Oriental Bank are confident that this partnership will help to address the financing gap faced by many MSMEs in Cambodia and contribute to the growth and development of the country’s economy.
About CGCC
CGCC is a state-owned enterprise established by a Sub-Decree of the Royal Government of Cambodia dated 01 September 2020. CGCC is operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF) with the mission 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.
As of the end of February 2022, CGCC has supported 1195 businesses by providing credit guarantees for their loan applications, amounting to USD 104.9 Million USD equivalent. CGCC has provided the most guarantee to SMEs, which accounts for 95% of the total businesses receiving the credit guarantee from CGCC.
About Oriental Bank
Oriental Bank, a new and fast-growing commercial bank that opens its’ doors on the 22nd of February 2022 will be opening its’ third branch early April 2023. Oriental Bank has a strong focus on providing the best customer service experience not only in the physical interactions with their customers at brick-and-mortar branches at high growth areas, but it is also seen in their user-centric design on their digital offerings like Oriental Mobile – Oriental Bank’s proprietary mobile banking application.
The cooperation will enable Oriental Bank to provide even more support to SMEs, helping to support them to access affordable and flexible financing options they need to succeed. By doing so, Oriental Bank is also positioning itself for greater success, as the bank continues to grow and expand its business offerings.
On 23 March 2023 at 2:00pm, CGCC organized the 13th Board of Directors Meeting at CGCC’s Head Office under the chairmanship of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and Chairman of CGCC’s Board of Directors, with the presence of members of the Board of Directors and the state controller.
The agendas of this 13th Board of Directors Meeting included: (1) CGCC Progress Report, (2) PFIs Application, (3) Bond Guarantee Framework, (4) Audited Financial Report for 2022, (5) Business Continuity Plan and Crisis Management Framework, and (6) Others.
CGCC’s Board of Directors Meeting is regularly organized to review, endorse, and approve CGCC’s activities and progress, especially the credit guarantee schemes, to ensure the transparency and efficiency of CGCC.
On 9th March 2023, Mr. Wong Keet Loong, CEO of CGCC, led CGCC team to discuss the procedures of bond issuance on the Cambodia Securities Exchange (CSX).
This meeting is to understand more about the procedures of bond issuance on CSX in order to draft the Policy Framework for Bond Guarantee to support the bond issuance of local companies as well as to support the development of the securities sector in Cambodia.
CGCC to Discuss the Procedures of Bond Issuance on the Cambodia Securities Exchange
On 7 March 2023 afternoon, Mr. Wong Keet Loong, CEO of CGCC, and all CGCC’s management and staff celebrated International Women’s Day by appreciating all CGCC’s female staff who have contributed significantly to CGCC’s smooth and successful operations. We are living in an era where there is active women’s participation with bravery and sacrifice in development. To show appreciation gesture, CGCC also handed gifts to all female staff.
CGCC Celebrated International Women’s DayCGCC Celebrated International Women’s Day
In addition, on 8 March 2023 morning, CGCC staff joined the celebration of International Women’s Day with the Association Banks of Cambodia (ABC), by donating blood to give hope to those in urgent need of blood.
CGCC Celebrated International Women’s DayCGCC Celebrated International Women’s Day
On 01 March 2023, CGCC’s team led by Mr. Wong Keet Loong, CEO of CGCC, is honored to witness and attend the Graduation Ceremony of 129 trainees of the “I’m Financially Literate (IFL)” program, initiated by Sathapana Bank, co-supported by CGCC to improve financial literacy for entrepreneurs’ business development and Cambodia’s economy.
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
In September 2022, IFL was launched in partnership with likeminded partners such as Credit Guarantee Corporation of Cambodia (CGCC), and 2 more partners. The program was aimed to promote and improve financial literacy for women entrepreneurs in SMEs and MSMEs by providing networking opportunities and training sessions in areas like project management, financial management, marketing, sales, and more.
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” ProgramGraduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Through this program, CGCC is delighted to contribute to creating a community classroom where SMEs and MSMEs could come together to learn and networking, also sharing the best practice/experiences for capacity building and accelerated the long-term entrepreneurship conceptual & practical.
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” ProgramGraduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” ProgramGraduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
In the afternoon of February 28, 2023, CGCC, led by Mr. Wong Keet Loong, welcomed the delegation of the Ministry of Industry and Commerce of Laos for the study visit to understand Cambodia’s credit guarantee system in order to further develop the credit guarantee system for small and medium enterprises (SMEs) in Laos.
The Delegation of The Ministry of Industry and Commerce of Laos to Study Visit to Understand CGCC’s Credit Guarantee
CGCC is honored to share the good experience and success of the credit guarantee with the delegation from the Ministry of Industry and Commerce of Laos for the development of the credit guarantee system in Laos.
The Delegation of The Ministry of Industry and Commerce of Laos to Study Visit to Understand CGCC’s Credit GuaranteeThe Delegation of The Ministry of Industry and Commerce of Laos to Study Visit to Understand CGCC’s Credit Guarantee
On 27 February 2023, Mr. Wong Keet Loong, CEO of CGCC participated as a panelist in the panel discussion on “Intervention programs of related stakeholders in promoting and developing women entrepreneurship” in the seminar on “Women Entrepreneurs in MSMEs: Expanding Opportunity for Women Entrepreneurs in Digital Economy and Society”, organized by the Ministry of Women Affairs, with more than 100 participants from Ministry and Provincial Departments of Women Affairs, related ministries, private sectors, and development partners.
CGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women Affairs
This seminar is organized to promote the focus on women entrepreneurs in business development in the digital era and review the mechanisms of relevant institutions to support women entrepreneurs more effectively.
During the Panel Discussion, CGCC’s CEO shared with audiences about CGCC’s credit guarantee scheme for women entrepreneurs, as well as the positive trend of providing credit guarantee to women entrepreneurs. He also highlighted CGCC’s additional support mechanisms for increasing credit guarantees, as well as supporting access to finance for women entrepreneurs in response to capital requirements and other skills, especially digital skills for business development through various training collaborating with partner banks/microfinance institutions.
CGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women AffairsCGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women Affairs
On 10 February 2023, Mr. Wong Keet Loong, CEO of CGCC, provided a Keynote Presentation on “Credit Guarantee Schemes of CGCC and its Role in Enterprise Development” at “Give a Day” event, co-organized by Swisscontact, Khmer Enterprise, and Pact Cambodia, and presided over by H.E. Dr. Chhieng Vanmunin, Mr. Rajiv Pradhan, Country Director of Swisscontact, Ms. Sabine Joukes, Chief of Party, WE Act/Pact Cambodia, and participated by almost representatives from Entrepreneur Support Organizations (ESOs), investors and business associations.
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
“Give a Day” is a forum gathering the entrepreneurial ecosystem community in Cambodia that are mutually supporting each other with the willingness to bring any open discussion related to entrepreneurship for effective solutions. Today’s “Give a Day” event theme is credit guarantee schemes that are a gateway for SMEs to access formal loans, therefore it is crucial that SMEs and ESOs understand the schemes.
Mr. KL Wong introduced credit guarantee schemes’ journey in Cambodian Financial Ecosystem and its role in supporting potential MSMEs to be able to obtain an easier and larger amount of loans under CGCC’s credit guarantee through CGCC’s participating financial institutions. Participants were pleased to learn about the benefits of credit guarantees and how this financial instrument could address the challenges in access to finance that their members and network are currently facing.
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” EventCGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
CGCC is honored to donate the water treatment system to Koh Sdach High School on 05 February 2023, led by Mr. Wong Keet Loong, CEO of CGCC, and presided over by Mr. Say Heng, Chief of Koh Sdach Commune, Mr. Rov Ratanaksambath, Chairman of the School Management Committee, Mr. Phok Hoeun, Principal of Koh Sdach High School, and participated by students of Koh Sdach High School and the parents of the students, in total about 200 participants.
CGCC’s CSR Event – Donating Water Treatment System to Koh Sdach High School
The donation of this water treatment system from CGCC will enable students and the community to have clean drinking water. This system can supply drinking water for the entire island. This would save cost for the community and improve their livelihood and hygiene as well as maintain a clean environment on the island.
During this CSR event, Mr. No Lida, Deputy CEO of CGCC, led the CGCC’s team on 4 February 2023 to pay a coutesy visit to the Chief of Koh Sdach Commune and Koh Sdach High School’s Principal, and to collect waste around the island for a cleaner environment with participation from students of Koh Sdach high school.
CGCC’s CSR Event – Donating Water Treatment System to Koh Sdach High School
CGCC is very pleased and highly appreciates the administration and the people of Koh Sdach for their support and assistance in making CGCC’s CSR mission completed successfully.
CGCC’s CSR Event – Donating Water Treatment System to Koh Sdach High School
