Cambodia plans third co-financing scheme for SMEs
The co-financing scheme is aimed at helping SMEs access funds to further develop their businesses.
This will be the third of such schemes as the government had previously implemented two rounds of co-financing worth more than US$200 million which SMEs in many priority sectors had access to.
“Seeing the actual needs in small and medium enterprises, the SME Bank of Cambodia is currently requesting additional funding from the government to continue providing funds in cooperation with partnered banks. The next phase of the project is planned for an additional US$250 to help affected enterprises to receive the budget to further develop their businesses to compete and supply their goods in the market,” said Phan Phalla, Secretary of State of the Ministry of Economy and Finance, who is also Secretary-General of the Committee on Economic and Financial Policy.
The first co-financing scheme had a budget of US$100 million and was disbursed through the SME Bank to SMEs from April to October last year. The second scheme has a total budget of US$140 million.
There are 26 participating financial institutions in the co-financing scheme, including 21 commercial banks, one specialised bank, three deposit-taking microfinance institutions, and one microfinance institution, according to Khmer Times.