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.
On Friday, 12 May 2023, at the National Bank of Cambodia (NBC), Credit Guarantee Corporation of Cambodia (CGCC), led by Mr. Wong Keet Loong, CEO of CGCC, paid a courtesy visit to H.E. Rath Sovannorak, Assistant Governor and Director General of Banking Supervision of NBC.
CGCC’s CEO, Mr. KL Wong was very grateful for the warm welcome of H.E Sovannorak and his team and was very pleased to update on CGCC’s latest progress in providing credit guarantee and CGCC’s strategy that requires close cooperation and support from NBC.
In response, H.E. Sovannorak praised the progress made by CGCC and expressed his support for CGCC’s mission to provide guarantees on loans disbursed by banks and microfinance institutions (MFIs) to businesses that lack collaterals, especially SMEs, the backbone of the economy, and to raise SMEs awareness on financial literacy.
The meeting also discussed the latest development in the banking sector, new NBC regulations as well as ways to enhance cooperation to improve financial inclusion and access to finance.
Phnom Penh, 26 April 2023 – Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC) officially announced a strategic partnership through the Signing Ceremony on the Memorandum of Understanding (MoU) to promote access to guaranteed loans for the development of Micro, Small and Medium Enterprises (MSMEs) in Cambodia. This cooperation will provide support to MSMEs, mainly CCC members, for greater access to finance despite collateral challenges and to promote financial literacy, including credit guarantees to CCC members across the country.
Signing Ceremony on the Memorandum of Understanding (MoU) Between Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC)
Mr. Wong Keet Loong, Chief Executive Officer of CGCC said “This MoU signing with the Cambodia Chamber of Commerce (CCC) is an important milestone for CGCC as it enables CGCC to reach out to the members of CCC across the country. CCC, being an established business chamber with many SME members, will be a key partner to CGCC in promoting the understanding of the benefits of the credit guarantee. Together with CCC, we can support the development of SMEs in Cambodia by improving financial inclusion and financial literacy.”
Signing Ceremony on the Memorandum of Understanding (MoU) Between Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC)
H.E. Oknha Nguon Meng Tech, Director General of CCC mentioned that “The MSMEs play significant roles in economic development. However, they face a lot of challenges, particularly financial constraints. In this regard, the MOU signing CCC and CGCC today aimed specifically to promote access to guaranteed loans for the development of MSMEs. The MOU signing is also a positive sign that will help strengthen and deepen the cooperation between the two institutions.”
This partnership between CGCC and CCC demonstrates a shared commitment to promoting economic growth and development in Cambodia. By working together, the two organizations will help SMEs overcome financing challenges and unlock their potential to drive economic growth in the country.
Signing Ceremony on the Memorandum of Understanding (MoU) Between Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC)
On March 31, 2023, the Credit Guarantee Corporation of Cambodia (CGCC) organized a semanar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Svay Rieng Province in collaboration with Svay Rieng Chamber of Commerce with more than 50 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Svay Rieng. The seminar was also presided over by Mr. Sok Rado, President of Svay Rieng Provincial Chamber of Commerce, and Mr. No Lida, Deputy CEO of CGCC.
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Svay Rieng 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.
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Svay Rieng Province
The Credit Guarantee Corporation of Cambodia (CGCC) provided credit guarantees of $105 million as of February to businesses as their working capital for expansion.
In a factsheet issued on March 10, CGCC said that as of the end of February it has supported 1,155 businesses by providing credit guarantees for their loan applications, amounting to $104.9 million.
Large portions of the loan guarantee were used as working capital and other purposes of investment or business expansion, and capital expenditure, the report mentioned. As of January 2023, the outstanding guaranteed loan was $81.6 million while the outstanding guaranteed amount was $58.8 million.
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, CGCC said.
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 launched in April 2022, besides the extension of the CFGS to tourism. The CGCC of the Ministry of Economy and Finance has extended the BRGS from January 1, 2023, until the $200-million scheme is fully utilised.
Updating some scheme features, including the scheme period, the definition of the micro, small and medium enterprises (MSMEs) and large firms, and the maximum loan amount for each guarantee are on the extension of BRGS.
BRGS aims to support businesses, including MSMEs and firms, to enhance their access to formal loans from Participating Financial Institutions for working capital, investment, and business expansion.
