On December 29, 2023, at the Sokha Siem Reap Resort & Convention Center, SME Bank of Cambodia conducted a seminar and press conference on the Tourism Financing Scheme for Siem Reap Province. The seminar was co-organized by Cambodia Tourism Association in Siem Reap, Siem Reap Tourism Club Association, Young Entrepreneurs Association of Cambodia in Siem Reap and Cambodia Women Entrepreneurs Association – Siem Reap Chapter.
The seminar was graced by the presence of Dr. LIM Aun, Chief Executive Officer of SME Bank of Cambodia; H.E NAK Neron, Deputy Governor of Siem Reap Province; H.E CHHUN Makara, Director of the Department of Travel Agency, Transport, and Tourism Guide and H.E CHHAY Sivlin, President of Cambodia Tourism Association. Approximately 160 business owners from all over Siem Reap province attended.
The seminar aimed to effectively promote the implementation of the Tourism Financing Scheme for Siem Reap Province and increase access to finance by offering a favorable financing scheme in order to enable their businesses to reopen, enhance, and modernize their services. Additionally, it sought to expand and diversify tourism services to attract and accommodate both national and international tourists.
In his opening remarks, Dr. LIM Aun, Chief Executive Officer of SME Bank of Cambodia, stated that an initial amount of USD $50 million has been allocated by the government for tourism businesses in Siem Reap. This scheme, provided through direct lending from the SME Bank of Cambodia, has been in effect since November 13, 2023, following the introduction and approval of the Update of the 19th Government-Private Sector Forum by Samdech Moha Borvor Thipadei HUN MANET, Prime Minister of Cambodia.
He further explained that enterprises in the target sector located in Siem Reap, which provide services to national and international tourists, can access finance with affordable financing schemes, up to USD 600,000 at an annual interest rate of 6.50%. These enterprises include (A) Hotels, Guesthouses, Resorts (B) Restaurants (C) Businesses that Produce and/ Sell Souvenirs (D) Tour Agents (E) Transportation Tour Companies (F) Businesses that Develop Tourism Products and (G) Providers of Products and Services that Support the Tourism Sector.
Dr. LIM Aun added that the TFSS comes with special features and favorable terms and conditions, such as a grace period of up to 24 months, no upfront fee, no penalty for early or partial repayment, and softer loan approval terms and conditions compared to other schemes. He expressed optimism that the TFSS will contribute to the restoration and promotion of tourism in Siem Reap, leading to stable and potential growth, sustainable development, and environmental conservation, in line with the government’s vision.
H.E CHHAY Sivlin, President of the Cambodia Tourism Association, emphasized in her welcoming remarks. She stated that the seminar and press conference on TFSS is a highly anticipated event for Siem Reap tourism business owners. She praised the initial budget of USD 50 million as a thoughtful gesture from Samdech Moha Borvor Thipadei HUN MANET, Prime Minister of Cambodia, in promoting tourism, especially in Siem Reap province. She also acknowledged the presence and understanding of H.E. SOK Soken, Minister of Tourism, towards the difficulties and challenges faced by tourism business owners.
She expressed strong belief that Siem Reap business owners will utilize this scheme responsibly and creatively. This will enable their businesses to reopen, enhance, and modernize their services, and expand and diversify tourism services to attract and accommodate both national and international tourists in a better way.
