TRCS Co-Financing Supports 346 Tourism Businesses with $53.46 Million

• 11 May 2023
• Local News
• 1019 Views

A total of 346 tourism businesses have received $53.46 million in financing as part of the Tourism Restoration and Growth Sector (TRCS) co-financing project, as of 30th April 2023, according to the Small and Medium Enterprise Bank of Cambodia (SME Bank of Cambodia) on 5th May 2023,

The funding disbursed accounts for US$ 53.46 million, or 35.64% of the total budget allocated for the TRCS project, which amounts to $150 million.

Among the recipients, 29% of the financing was allocated to hotel businesses, while guesthouse businesses received 25%. The restaurant sector received 31%, and tourism support businesses received 15% of the total funding. Notably, 41% of the beneficiaries were women entrepreneurs, highlighting the commitment to empowering women in the tourism industry.

SME Bank emphasized that women entrepreneurs can apply for financing up to $1,000,000, benefitting from a competitive annual interest rate of 5.5% and a repayment period of up to 10 years.

Furthermore, in its efforts to revitalize the small and medium enterprise sector, the Royal Government has planned to allocate an additional $100 million to the Small and Medium Enterprise Bank (SME Bank) in 2023, demonstrating its commitment to supporting the growth and resilience of businesses in the country. (Read more)

• Investment and Funding
• Tourism and Travelling