Cambodia ramps up credit financing for SMEs to US$140 million
The SME Bank of Cambodia has added US$40 million to a dedicated co-financing scheme, bringing the total budget to US$140 million in support of SMEs in the country.
“Due to excessive credit demand from Small and Medium Enterprises (SMEs) and to align with the economic recovery plan initiated by the Royal Government of Cambodia, the SME Bank of Cambodia alongside Participated Financial Institutions (PFIs) have decided to provision an additional budget of $40 million for SME Co-financing Scheme II (SCFS II), which brings the total to $140 million,” the state-owned bank highlighted.
As of November 30, 790 SMEs have received financial support, amounting to US$99.8 million in loans, the bank added.
Te Taing Por, president of the Federation Association for Small and Medium Enterprises of Cambodia said: “It shows that the government has taken care to help small and medium enterprises receive budgets to promote their business development.”
“Small and medium enterprises are important for the Royal Government to help, and all those SMEs also need funds to boost their business,” he added.