On 15th September 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 Pailin province in collaboration with Pailin Chamber of Commerce with more than 80 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Pailin and other provinces. The seminar was also presided over by H.E. Oknha. Lor Sun Cheang, President of Pailin Chamber of Commerce, Mr. No Lida, Deputy CEO of CGCC, Mr. Hun Vatha, Vice President of Cambodia Agricultural Corporative Alliance (CACA), and the presentations by representatives from LOLC Microfinance Institution and ABA 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.
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
From 11 September to 14 September 2023, CGCC team led by Mr. Hor Saopiseth, Manager of Centralized Operations 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:
– Kampong Chnang province: ABA Bank and Chamroeun Microfinance
– Pursat province: Prince Bank, Canadia Bank and Chamroeun Microfinance.
– Battambang Province: Prince Bank, FTB Bank, and Maybank
– Pailin Province: LOLC Microfinance, Phillip 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.
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit GuaranteeCGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit GuaranteeCGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit GuaranteeCGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit GuaranteeCGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit GuaranteeCGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
On 7 to 11 August 2023, CGCC Delegation, led by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF), and Chairman of CGCC, attended the 35th ACSIC Conference in Ulaanbaatar, Mongolia, hosted by Credit Guarantee Fund of Mongolia (CGFM), under the theme “Looking ahead: fostering green financing for sustainable development”.
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
During the conference, H.E. Chairman of CGCC gave a warm greeting remark to all the participants on credit guarantee mechanism, as a supplement to the sustainable financial state in Cambodia.
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
Moreover, Mr. KL Wong, CEO of CGCC, was also invited as a speaker to the panel discussion on “Design, Implementation and Monitoring: The Role of Credit Guarantee Schemes in Addressing the Perceived Higher Risks Associated with Green Finance Investments”. In this panel discussion, Mr. KL Wong shared the progress of CGCC in developing a guarantee scheme to support green financing for sustainable development by collaborating with various government ministries and development agencies in supporting the country’s commitment to participate in reducing GHG emissions by about
From Left to Right: Mr. Tsogtsaikhan Sarantuya, Chairman of the 35th ACSIC Conference and Acting Executive Director of Credit Guarantee Fund of Mongolia (CGFM), Mr. Jambaltseren Tumur-Uya, Secretary of State of the Ministry of Food, Agriculture and Light Industry and Chairman of the Board of the CGFM, H.E. Ros Seilava, Chairman of CGCC, and Mr. Wong Keet Loong, CEO of CGCC
Through this conference, delegates from members/observers also got the chance to share and exchange their respective views on respective topics around green financing for sustainable development through expert insight discussions, plenary discussions, fireside chats, panel discussions, and keynotes, in which to bring the solidarity effort toward building and developing the green financing, a key driver of positive change, as it’s not just relevant but vital in the face of current environmental challenges.
The 35th ACSIC conference was participated by approximately 120 delegates representing members/observers of ACSIC from 13 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Sri Lanka, Taiwan, and Thailand.
ACSIC is the cooperation of largest Asia’s credit guarantee organization established in 1987, designed to improve the credit guarantee system, which currently is participated by 19 credit institutions of 13 Asian countries.
CGCC delegates during the official meeting with KODIT delegates: Mr. Choi Won Mok, Chairperson and CEO, Mr. Youn Jung-In, Policy Advisor, Mr. Hur Seung-Wook, Chief DirectorCGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
On July 17, 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Canadia Bank, one of the leading commercial banks in Cambodia, signed an agreement on Portfolio Guarantee Scheme to provide guaranteed loans to micro, small and medium enterprises for retail and wholesale businesses in the country.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
The agreement between CGCC and Canadia Bank on Portfolio Guarantee Scheme aims to support business including Micro, Small and Medium Enterprises (SMEs) to enhance their quick access without CGCC evaluates on guarantee application from the Participating Financial Institution (PFI) to formal loans even without collateral or insufficient collateral pledges for both working capital and investment or business expansion. By leveraging their respective expertise, both institutions are committed to facilitating the growth and development of SMEs, which are vital contributors to Cambodia’s economy.
In 2021, Canadia Bank was one of the first banks to participate in the Business Recovery Guarantee Scheme (BRGS) led by CGCC under Cambodia’s government initiative to support the recovery of SMEs in various sectors during and post-pandemic. The Bank has been awarded by CGCC as one of the Top Performing Financial Institutions in Cambodia with the highest guaranteed loans disbursed with CGCC for 2022.
With its strong presence in the Cambodian financial sector, the agreement signed between CGCC and Canadia Bank will further enhance their credit cooperation which, in turn, will provide a positive impact to the SME ecosystem as well empower entrepreneurs by providing sustainable financial options for their business growth and expansion.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
Mr. Raymond Sia, CEO and Board Director of Canadia Bank, expressed his enthusiasm about the partnership, stating, “We are thrilled to collaborate with CGCC to further our commitment to supporting the growth of SMEs in Cambodia. With this agreement, Canadia Bank hopes that SMEs business owners will have more sustainable financial access to enhance their business capability and efficiency for more sustained operations.”
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
Mr. Wong Keet Loong, CEO of Credit Guarantee Corporation of Cambodia, also excited of the cooperation. He said “This Portfolio Guarantee Scheme (PGS) is targeted specifically for businesses under the Retail and Wholesale Trade sector. It is designed to enhance lending to enable MSMEs in this sector to grow their business. The PGS reinforces both CGCC and Canadia Bank’s commitment to support the growth of MSMEs, which are vital contributors to Cambodia’s economy and employment opportunities.”
“Canadia Bank has been the top provider of guaranteed loans and this partnership will further solidify the Bank’s position as a trusted and reliable source of financing for businesses in this sector. This joint effort will further cement our commitment to improve financial inclusion and sustainable growth of MSMEs,” he added.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
About Canadia Bank
Canadia Bank is a leading local and full-service commercial bank in Cambodia since 1991 and one of the largest commercial banks that holds commanding market shares in loans and deposits. In 2023, Canadia Bank was awarded “Best Retail Bank” by The Asian Banker and “The Best SME Bank” by the Digital Banker. The Bank has been recognized and awarded by The Asian Banker as “The Strongest Bank by Balance Sheet in Cambodia in 2019,” the “Best Managed Bank in 2022”, and “The Best Retail Bank” for 3 consecutive awarding years in 2020, 2021, and 2023.
As of April 2023, Canadia Bank has 68 branches and more than 400 self-service digital devices across Cambodia, such as ATMs, Cash Recycling Machines, Virtual Teller Machines, and Smart Card-Issuing Machines. For more information, please visit our website, www.canadiabank.com.kh.
About CGCC
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.
On 29 June 2023 at 2:00pm, CGCC organized the 14th Board of Directors Meeting at Rosewood Hotel 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.
14th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)
The agendas of this 14th Board of Directors Meeting included: (1) CGCC Progress Report, (2) Internal Audit Report on Centralized Operations, (3) PGS with Canadia Bank Plc., Sathapana Bank Plc., and Prince Bank Plc., (4) Establishment of Investment Committee, (5) Whistle Blowing Policy, 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 June 07, 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 Kampong Thom Province in collaboration with Kampong Thom – Preah Vihear Chamber of Commerce with more than 100 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Kampong Thom and other provinces. The seminar was also presided over by H.E. Tan Mony, Vice President of Kampong Thom – Preah Vihear Chamber of Commerce, Mr. No Lida, Deputy CEO of CGCC, Mr. Chuon Kimyan, Chief Executive Officer of Kampong Thom Techash Meanchey Union of Agriculture Corporative, and also the presentations by representatives from AMK Microfinance Institution and Canadia Bank as well.
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kompong Thom ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kompong Thom Province
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.
Maybank Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC) have entered into a strategic partnership with Business Network International (BNI), and Cambodia Women Enterprise Association (CWEA) with an intent to support the local small and medium sized enterprises (SMEs) in the Kingdom through SME Building Capacity & Capability Programme (BCC).
Under the MOU, Maybank Cambodia, CGCC, BNI, and CWEA will collaborate to provide trainings and workshops to the members of BNI, and CWEA, and other participating SMEs to help them expand their businesses. The trainings will cover a range of topics relating to financial literacy and business operation.
The MOU will also pave the way for the participating SMEs’ long-term social and business growth through networking sessions, technical and knowledge sharing, and incentivised rates offered by Maybank Cambodia.
The MOU was inked at Maybank Tower and presided over by Rath Sophoan, Chief Executive Officer of Maybank Cambodia, Wong Keet Loong, Chief Executive Officer of CGCC, Kruy Rithy, President of BNI-Super, and Chea Ratha, Vice President of CWEA and witnessed by Dr Sok Siphana, Founding Partner of SokSiphana&associates and Chairman of Asian Vision Institute.
Sophoan, CEO of Maybank Cambodia said, “This MOU and BCC Programme signify Maybank’s continuous commitment to supporting the growth of SMEs in Cambodia. We believe that by providing training in capacity and capability building as part of the financial literacy programme, we are equipping SMEs with the right tools to sustain their business, thus contributing to the Kingdom’s overall economic development.”
Wong, Chief Executive Officer of CGCC said “We believe that the BCC Programme will be a valuable resource for SMEs in Cambodia and will help our entrepreneurs to grow and succeed with the broader opportunities to access to financing and improve financial literacy, which is aligned with our goals at CGCC”
Ratha, Vice President of CWEA endorsed “we are delighted to participate in this initiative, as it aligns with our mission of empowering women entrepreneurs through upskilling and networking.”
Rithy from BNI Super also expressed his optimism on the training. He said “We are confident that this partnership will be mutually beneficially, as it will allow our members to expand their networks, develop new skills, and grow their businesses.”
Phnom Penh, Cambodia – June 10, 2023 – Credit Guarantee Corporation of Cambodia (CGCC) and Maybank Cambodia have entered into a strategic partnership with Business Network International (BNI-Super) , and Cambodia Women Enterprise Association (CWEA) with an intent to support the local small and medium-sized enterprises (SMEs) in the Kingdom through SME Building Capacity & Capability Programme (BCC).
Under the MOU, CGCC, Maybank Cambodia, BNI-Super, and CWEA will collaborate to provide trainings and workshops to the members of BNI and CWEA, and other SME communities to help them expand their businesses. The trainings will cover a range of topics relating to financial literacy and business operation.
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
The MOU will also pave the way for the participating SMEs’ long-term social and business growth through networking sessions, technical and knowledge sharing and incentivised rates offered by Maybank Cambodia.
The MOU was inked at Maybank Tower, highly witnessed by H.E. Dr. Sok Siphana, Founding Partner of SokSiphana & associates and Chairman of Asian Vision Institute, inked by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, Mr. Rath Sophoan, Chief Executive Officer & Country Head of Maybank Cambodia, H.E. Chea Ratha, Vice President of CWEA, and Mr. Kruy Rithy, President of BNI-Super.
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
Mr. Rath Sophoan, CEO of Maybank Cambodia said, “This MOU and BCC Programme signify Maybank’s continuous commitment to supporting the growth of SMEs in Cambodia. We believe that by providing training in capacity and capability building as part of the financial literacy programme, we are equipping SMEs with the right tools to sustain their business, thus contributing to the Kingdom’s overall economic development.”
“Following the success of the BCC Programme in 2022 with CGCC, this year, we want to continuously fulfil our promise to humanise financial services by taking it to the next level through renewing and expanding our collaboration with two more partners namely CWEA, and BNI,” he added.
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
Mr. Wong Keet Loong, Chief Executive Officer of CGCC said “We are excited to partner with Maybank again this year for the BCC Programme, and the expanded outreach with BNI and CWEAto launch this important programme. We believe that the BCC Programme will be a valuable resource for SMEs in Cambodia and will help our entrepreneurs to grow and succeed with the broader opportunities to access to financing and improve financial literacy, which is aligned with our goals at CGCC”
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
H.E. Chea Ratha, Vice President of CWEA endorsed “we are delighted to participate in this initiative, as it aligns with our mission of empowering women entrepreneurs through upskilling and networking. We encourage all CWEA members and women entrepreneurs alike to take advantage of this opportunity to grow and learn.”
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
Mr. Kruy Rithy, President of BNI-Super also expressed his/her optimism on the training. He/she said “We are confident that this partnership will be mutually beneficially, as it will allow our members to expand their networks, develop new skills, and grow their businesses.”
In this signing ceremony, there was also a panel discussion on “Cambodia Economic Outlook, Challenges and Opportunities of SMEs”, participated by 4 panelists: H.E. Dr. Sok Siphana, H.E. Chea Ratha, Mr. Rath Sophoan, and Mr. No Lida, Deputy CEO of CGCC.
CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building
In 2022, the BCC Programme trained nearly 100 SMEs and financial advisors on various topics including business registration in Cambodia, importance of financial discipline, branding and digital marketing, as well as the aspects of managing human resources. The trainings were presented by subject-matter experts and professionals from locally renowned law firms, business consulting, advertising agencies and financial institutions.
On 06 June 2023, at the Secretariat office of the Cambodia Rice Federation (CRF), Mr. Wong Keet Loong, CEO of CGCC, and two CGCC team members attended a meeting with Oknha. Chan Sokheang, president of CRF, to discuss the collaboration to support Cambodia’s rice sector.
In this meeting, both parties discussed the situation of Cambodia’s rice sector as well as the plan to develop the Credit Guarantee Scheme to support access to guaranteed loans in this sector.
The Credit Guarantee Corporation of Cambodia (CGCC) provided credit guarantees of $120 million to businesses as of February 2023.
CGCC announced on Wednesday that it supported 1,367 businesses by providing credit guarantees for their loan applications as of the end of April 2023.
The report stated that a significant portion of the loan guarantees were used for working capital, investment, business expansion, and capital expenditures.
The total amount of outstanding guaranteed loans was $97.5 million, while the total amount of outstanding guaranteed obligations was $70.32 million.
It said that there are 1,249 small and medium-sized businesses (SMEs) and 118 large businesses in Cambodia.
About 550 were women-owned, 513 were secured loans, and 854 were unsecured loans.
CGCC said that various credit guarantee schemes played a vital role in strengthening entrepreneurship and improving financial inclusion in Cambodia, particularly during the Covid-19 pandemic, by facilitating the smooth distribution of loans.
It launched three guarantee schemes so far, including the Business Recovery Guarantee Scheme (BRGS) in March 2022; the Co-Financing Guarantee Scheme (CFGS) in September 2021; and the Women Entrepreneurs Guarantee Scheme in April 2022. The CGCC also extended the CFGS to the tourism sector.
The CGCC, which is under the Ministry of Economy and Finance, extended the BRGS from January 1, 2023, until the $200 million scheme is fully utilized.
These guarantee schemes are a way to help businesses get the money they need to grow and succeed. They are a valuable tool for supporting entrepreneurship and financial inclusion in the country.
The extension of BRGS will include updates to some of its features, such as the scheme period, the definition of MSMEs and large firms, and the maximum loan amount for each guarantee.
BRGS aims to help businesses, including MSMEs and large firms, obtain formal loans from participating financial institutions for working capital, investment, and business expansion.
CGCC, the first credit guarantee institution in the country, was established in August 2020, during the Covid-19 pandemic, to provide timely credit to support the rehabilitation and sustainability of local businesses.
The Cambodian Credit Guarantee Corporation has played an important role in serving the needs of small and medium enterprises in Cambodia, which are struggling during the epidemic of Covid-19 and the inflation crisis, and need credit from banks for their businesses.
It played a vital role in supporting SMEs who have been struggling during the Covid-19 pandemic and the inflation crisis, and they need credit from banks to keep their businesses afloat.
