CGCC

CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”

On 03 April 2023, CGCC organized the first Annual Town Hall meeting, a gathering of all CGCC staff to report on progress and milestones to the Executive Committee (Exco) of CGCC as well as sharing with the staff on the previous year’s and the first quarter of 2023 progress, especially on the strategy and action plan of each respective departments in 2023.

CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”
CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”

This town hall meeting is not only for sharing the progress report and plans from all departments, but also for a dialogue platform to openly discussion and obtain recommendations from management on the direction of CGCC’s operations and vision in improving financial inclusion and develop SMEs in Cambodia.

Within the 2 years of operation, CGCC is strongly supported by the Royal Government, and under the direct guidance from the Ministry of Economy and Finance (MEF). CGCC operates with the strong leadership of management, who has extensive experiences in banking and financial sector. As such, CGCC has grown steadily, and as of the end of the first quarter of 2023, the CGCC has more than 40 employees working in solidarity and same goal to achieve the vision of the company.

CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”
CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”
CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”
CGCC Town Hall Meeting 2023 on “Milestones and Strategy Plan”

Click here to know more: 13th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)

CGCC-guaranteed loans jump 13% year-to-date, top $104M

Credit Guarantee Corporation of Cambodia Plc (CGCC) reportedly issued a total of 1,155 Letters of Guarantee (LG) for loans worth $104.9 million equivalent as of February 28 – up 13 per cent year-to-date – as part of its mission to improve financial inclusion among small- and medium-sized enterprises (SME) and promote the sustainability and expansion of businesses worst hit by Covid-19.

As of January 31, the outstanding guaranteed amount was $58.9 million out of the $81.6 million worth of loans covered by the LGs, as noted by the state-owned enterprise in a new report, remaining in the 70-80 per cent target range at just over 72 per cent.

The CGCC was established by Sub-Decree No 140/ANKR/BK on September 1, 2020, and its $200 million Business Recovery Guarantee Scheme (BRGS) was launched on March 29, 2021 in a bid to widen access to formal loans from participating financial institutions (PFI) for working capital, investment and business expansions.

Cambodia Microfinance Association (CMA) chairman Sok Voeun lauded the CGCC’s credit guarantee arrangements as important tools for SMEs to access formal unsecured loans to keep their businesses afloat and expand in light of Covid-19 bruises.

He told The Post on March 13 that commercial banks accounted for 80 per cent of loans covered by the 1,155 LGs, while microfinance institutions (MFI) “partnering with the PFI” constituted the rest.

On the other hand, banking institutions accounted for about 95 per cent of the $104.9 million loan value, he said.

“We’ve provided credit to most of the priority sectors, including services, agriculture and manufacturing,” he affirmed.

“We are happy to join the CGCC because risks are guaranteed. We’ve noted that since the beginning of the project, the rate of bad loans has been minimal because the businesses have the potential to stimulate economic activity, although they may not have collateral.

“Hence the credit guarantee scheme has been a big help for them to expand their businesses,” he said.

The finance ministry has authorised the extension of the BRGS beyond December 31, 2022, until all funds have been utilised, an early-January CGCC statement confirmed, which noted that the terms of the scheme had also been updated, including the maximum guarantee amounts for differing categories of businesses.

The statement disclosed that loans, mostly unsecured, totalling about $89 million were guaranteed by the CGCC as of December 31 under the BRGS.

Cambodia Post Bank Plc, one of the PFIs, accounted for roughly $1 million of that, all of which went to SMEs, confirmed its CEO Toch Chaochek, telling The Post on March 13 that the plan is to increase that to $5-10 million in 2023.

To this end, the bank aims to shift its focus, from large SMEs with adequate collateral that are seeking to expand, to smaller ones without the assets needed for the secured loans to do the same, he revealed.

“The CGCC project is great for SMEs that do not have the collateral to obtain the loans – they have a shot at rehabilitating and expanding their businesses,” Chaochek said.

Credit to: Phnom Penh Post, Publication date 13 March 2023

Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program

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
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)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation 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)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program
Graduation Ceremony of 129 Trainees of the “I’m Financially Literate (IFL)” Program

Click here to read more about: CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort

CGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women Affairs

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
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 Affairs
CGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women Affairs
CGCC in the Seminar on “Women Entrepreneurs in MSMEs" of Ministry of Women Affairs
CGCC in the Seminar on “Women Entrepreneurs in MSMEs” of Ministry of Women Affairs

 

You might be to know more about: PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

CGCC’s CSR Event – Donating Water Treatment System to Koh Sdach High School

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
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’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
CGCC’s CSR Event – Donating Water Treatment System to Koh Sdach High School

CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort

“I’m Financially Literate” training program was concluded last weekend on 28 and 29 January 2023. This program was successfully launched by Sathapana Bank, in partnership with Credit Guarantee Corporation of Cambodia (CGCC), Khmer Enterprise, and Manulife Cambodia, aiming to promote and improve financial literacy for women entrepreneurs and business owners.

CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort
CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort

CGCC and other partners have the great honor to support this training program in enabling and championing women in Business in Cambodia as well as providing the development in technical, soft, and entrepreneurial skills including project management, operation handling, financial management, marketing, and sales. As a result, 30 SMEs and business owners attended the 5th cohort and shared their experiences and related financial issues.

CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort
CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 5th Cohort

Click here to know more about: CGCC Supports the Accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” 4th Cohort

New CGCC Scheme to Help PFls Customize Guaranteed Loans

The Credit Guarantee Corporation of Cambodia (CGCC) unveiled the Portfolio Guarantee Scheme (PGS) at the CGCC annual seminar on the ‘Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN’, here on Tuesday. The scheme was launched by Mey Vann, high representative of Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, who also presided over the event.

The PGS will enable Participating Financial Institutions (PFIs) to customize guaranteed loans for their targeted borrowers and allow quick, efficient, and flexible disbursement of guaranteed loans.

Speaking at the seminar, Vann, said, “SMEs (small and medium enterprises) 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 percent in 2003 to 17.8 percent in 2020 through job creation and income growth.”

He also provided five points of guidance to continue to develop the credit guarantee system in Cambodia, which included strengthening CGCC’s institutional capacity, balancing between expanding outreach and setting specific target businesses for guaranteed loans, expanding cooperation with stakeholders, and encouraging financial institutions to use credit guarantees to disburse more loans without collaterals.

On the new scheme, K L Wong, Chief Executive Officer of the CGCC, told Khmer Times, “The PGS will very much be a targeted scheme for FIs (financial institutions) if they want to customize the guarantee for loans they want to provide. For the banks and the PFIs who have specific target segments among SMEs, we can customize the portfolio, especially for them so that they can give out the loans.”

Elaborating upon the scheme, the CEO said, “It will be very much customized for specific FIs. Because the individual guarantee scheme that we have is a general scheme for every FIs. The PGS is very much targeted. So, let us say, if the Canadia Bank wants to do it for certain sectors, a certain industry, we can do … specifically for them. So, we (will) focus specifically on what they want and customize the guarantee.”

On the leading banks for the scheme, Wong said, for “the new scheme that we have just launched, we are going to be working with Canadia Bank and Sathapana Bank, and, of course, other FIs who are interested as well. Right now, we are in discussion with Canadia Bank and Sathapana Bank.”

On the previous scheme, he said, “The reason why we started off with the individual guarantees was that we wanted to give time to the FIs to understand how they can structure the loans with guarantees. Now, the FIs have been more mature and ready.”

The new scheme would be able to address high volumes of loans with a guarantee. It’s meant to simplify the process, speed up and end up doing high volumes, he added.

Thus, the scheme is customized for the FIs where the FI and the CGCC would mutually agree on the credit criteria for the loans to be offered to MSMEs, is structured to target certain sectors or types of borrowers on which the FIs want to focus for lending, and will enable the FIs to have a faster turnaround time for guarantees and higher volumes of submissions, the CEO said.

SMEs can get quicker access to guaranteed loans, and easier loan approvals as the criteria will be transparent to the borrowers. As long as SMEs are able to meet the criteria, they will be able to get their guaranteed loans, he added.

In his concluding remarks, Deputy CEO of CGCC No Lida said, “The core mission of CGCC is to help businesses access to finance to support Cambodia’s economic growth. Imagine, if businesses with growth potential can get all the necessary capital to support the growth of their full potential, how would this help Cambodia’s economic growth?”

The seminar, jointly organised by the MEF and the CGCC, was attended by over 150 participants, including high-level officials of the MEF, the National Bank of Cambodia, the Ministry of Women’s Affairs, the Ministry of Industry, Science, Technology, and Innovation; national and international development partners, banks and financial institutions and associations.

The seminar’s aims were to review CGCC’s annual guarantee progress, discuss the challenges and solutions on the implementation of credit guarantee schemes, share views on it in the development of SMEs as well as study the experiences of credit guarantee schemes in Malaysia and Thailand.

The MEF Secretary of State also awarded five PFIs of CGCC – Canadia Bank, Sathapana Bank, AMK Microfinance, ABA Bank, and LOLC Microfinance – for their excellent performance in 2022.

Credit to: Khmer Times, Publish on January 18, 2023

 

CGCC-Guaranteed Loans Reach $92.7 Million

Credit Guarantee Corporation of Cambodia Plc (CGCC) has issued a total of 985 Letters of Guarantee (LG) for loans worth $92.7 million as of December 31 after more than two years of operation, as part of its mission to support post-Covid-19 economic recovery, especially among small- and medium-sized enterprises (SME).

These numbers were disclosed by CGCC CEO Wong Keet Loong on January 17 at the state-owned enterprise’s annual seminar on the “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”.

The Malaysian shared that, as of November 30, the outstanding guaranteed amount was $51.2 million out of the $70.9 million worth of loans covered by the LGs – remaining in the target 70-80 per cent range at just over 72 per cent.

He broke down the proportions of LGs by sectors and other categories: retail trade (29%), services (11.6%), industry (8.3%), agriculture (2.6%), other (48.4%); SMEs (96.45%), large firms (3.55%); unsecured (66.70%), secured (33.30%).

Speaking at the seminar, Ministry of Economy and Finance secretary of state Mey Vann hailed SMEs as drivers of employment as well as income for locals and hence key vehicles for socio-economic progress in Cambodia, largely crediting these smaller businesses for reducing the poverty rate from 50.2 per cent in 2003 to 17.8 per cent in 2020.

He highlighted SME development as a government priority, stressing that a raft of key strategies, policies and even institutions have been established to this end.

And that includes the CGCC, which was set up to share risk with financial institutions and improve the accessibility to formal loans for businesses, especially SMEs, he said.

Vann identified the “leverage effect” as a major advantage of the credit guarantee mechanism, explaining that funds from the state budget allocated to the CGCC to secure credit are only used up when borrowers default on loans.

“Therefore, $200 million budgeted by the state as capital for the CGCC will support the issuance of new guaranteed loans worth more than $200 million,” he said, adding that an underlying “countercyclical crisis tool” helps to maintain market confidence and stabilise economic activity, especially during times of crisis.

Effective policy allowed the Cambodian economy to grow by an estimated five per cent in 2022, which is expected to accelerate to about six per cent this year, reversing the 2020 contraction, according to Vann.

Nevertheless, Vann added, challenges remain that could dampen economic outlooks for the Kingdom, such as the protracted Russo-Ukrainian conflict, rising inflationary pressures and geopolitical competition in the region, which he stressed would require constant preparedness to respond in a timely and effective manner.

“In this context, SMEs are an indispensable driving force that ensures the sustainable, inclusive and resilient development of the Cambodian economy. The government will continue to implement supportive policies through credit guarantee mechanisms to ensure SME development.

“The CGCC is the first credit guarantee institution in Cambodia, which was established with a deep commitment by the government for short-term use during the Covid-19 crisis’ onslaught on Cambodia.

“[The CGCC was also] to launch a credit guarantee scheme in a timely manner to support the rehabilitation and sustainability of local businesses,” he said, commending the institution for its work over the past two years.

The CGCC was established by Sub-Decree No 140/ANKR/BK on September 1, 2020, and its $200 million Business Recovery Guarantee Scheme (BRGS) was launched on March 29, 2021 in a bid to widen access to formal loans from participating financial institutions (PFI) for working capital, investment and business expansions.

The finance ministry has authorised the extension of the BRGS beyond December 31, 2022, until all funds have been utilised, the CGCC confirmed in a statement earlier this month, which noted that the terms of the scheme had also been updated, including the maximum guarantee amounts for differing categories of businesses.

The statement disclosed that loans, mostly unsecured, totalling about $89 million were guaranteed by the CGCC as of December 31 under the BRGS.

Credit to: The Phnom Penh Post, Publish on 17 January 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.

PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

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.

PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

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.

PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

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.

PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

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.

PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”
PRESS RELEASE CGCC Annual Seminar on “Role of Credit Guarantee Schemes in SMEs Development in Cambodia and ASEAN”

 

Click here to read more about: 12th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC

CGCC Extends Business Recovery Guarantee Scheme

The Credit Guarantee Corporation of Cambodia (CGCC) on Tuesday announced the extension of the Business Recovery Guarantee Scheme (BRGS) from 1 January 2023 until the scheme is fully utilised.

According to the CGCC press release, the BRGS aims to support businesses, including micro, small and medium enterprises (MSMEs) and large firms, by enhancing their access to formal loans from the Participating Financial Institutions (PFIs) for working capital, investment, and business expansion.

The BRGS, with a scheme size of $200 million, was first launched for the 29 March 2021 to 31 December 2022 period. As of 31 December 2022, approximately $89 million in loans, most without collateral, were sanctioned. Loans under the BRGS are guaranteed by the CGCC.

The CGCC received approval from Deputy Prime Minister, Minister of Economy and Finance Aun Pornmoniroth for the extension of the BRGS after updating some scheme features, including the scheme period, the definition of MSMEs and large firms, and the maximum loan amount for each guarantee.

The CGCC’s credit guarantee under the BRGS will continue to act as collateral for 70-80 percent of the loan amount borrowed from the PFIs, thus, reducing the physical collateral required from borrowers.

Wong Keet Loong, CEO of the CGCC, told Khmer Times, “The maximum guaranteed loan amount has been increased to combine both priority and non-priority sectors, like $300,000 for working capital and $500,000 for investment/business expansion for MSMEs, and $500,000 and $700,000, respectively, for large firms.”

On the benefit of this extension, he said, “an additional $111 million of guaranteed loans is available until the scheme is fully utilised. In addition to the 936 MSMEs who obtained guaranteed loans, this would support more MSMEs in obtaining loans for their businesses during the economic recovery.”

“The Cambodian-owned businesses can approach our 25 PFIs for guaranteed loans. The MSMEs must meet the PFIs loan criteria to be eligible for guaranteed loans,” he remarked.

Various credit guarantee schemes have played a crucial role in strengthening entrepreneurship and enhancing financial inclusion in Cambodia, especially during the Covid-19 pandemic, through the smooth disbursal of loans.

The CGCC has come up with three guarantee schemes so far — the Business Recovery Guarantee Scheme (BRGS) launched in March 2022, the Co-Financing Guarantee Scheme (CFGS) unveiled in September 2021 and the Women Entrepreneurs Guarantee Scheme (WEGS) launched in April 2022, besides the extension of the CFGS to tourism. Each scheme was specifically designed to target different market segments.

Credit to: Khmer Times, Publish on 05 January 2023