On February 14th, 2022, the Royal Government through the Ministry of Economy and Finance has officially provisioned the budget of USD 100 million to promote a strategic framework and programs to rehabilitate and promote economic growth in line with Covid-19, along the new normal trajectory, which aims to revitalize and strengthen the economy. At the same time, a budget of USD 50 million has been provided to the SME Bank of Cambodia in order to support SMEs, which is the important sector to support Cambodia’s economic growth and job creation. It also plays the important role in increasing the resilience of the national economy to the COVID-19 pandemic.
Mr. Lim Aun, Chief Executive Officer of SME Bank of Cambodia said “the SME Bank has been implementing two SME Co-financing Scheme (SCFS I & II) already. The SCFS I has a total budget of USD 100 million (USD 50 million from SME Bank and other USD 50 million from PFIs), which was launched in April 2020 and completed in October 2020 and this budget was provided to 753 enterprises. In addition, the SCFS II has been launching in August 2021 with a total budget of USD 140 million (USD 70 million from SME Bank and other USD 70 million from PFIs). As of February 14th, 2022 the SCFS II has provided to 1,101 enterprises with a total budget of USD 136 million.
Based on the excellent results from the implementation of SCFS II and the objective to continue to provide financial support to the SMEs in Cambodia, the Royal Government through the Ministry of Economy and Finance decided to provide an additional budget of USD 50 million to the SME Bank of Cambodia and alongside Participated Financial Institution (PFIs) for another USD 50 million. Therefore, the total budget of this project will increase to 240 million US dollars which means that the SME banks will provide USD 120 million, and other USD 120 million will provide by our PFIs. “He added”
Therefore, SMEs are encouraged to approach any PFIs for loan application under SCFS II, if needed. For more information, please reach out to us at:
- Office address: No 30, St. Pasteur (51) corner St. Prey Nokor (126), Sangkat Phsar Thmei Ti Muoy, Khan Doun Penh, Phnom Penh, Cambodia.
- Hotline: 096 811 1118
- Email: info@smebankcambodia.com.kh
- Website: www.smebankcambodia.com.kh
- Online request: https://forms.office.com/r/sABjYrVXe7
