CGCC Empowers Cambodian SMEs with US$164m in Loans Over Three Years

• 6 February 2024
• Local News
• 961 Views

The Credit Guarantee Corporation of Cambodia (CGCC) has played a pivotal role in fostering the growth of small and medium enterprises (SMEs) by approving a total credit guarantee of approximately US$164.72 million as of 31 December 2023. This update was revealed during its annual meeting held on 31 January 2024.

This three-year initiative has provided essential financial support to nearly 2,000 businesses across Cambodia, offering a significant boost to their operational capabilities and expansion endeavors. The positive impact extends to job creation, with over 52,000 workers benefiting from the approved loans.

In the meeting, CGCC unveiled plans to further enhance its support for the SME sector. The corporation announced the initiation of three individual loan guarantee projects, six comprehensive package loan guarantee projects, bond issuance credit initiatives, and capacity-building programs tailored for SMEs. Notably, CGCC celebrated its inauguration as the inaugural bond issuer in Cambodia, underscoring its commitment to fortifying the financial landscape and fostering SME development.

The strategic diversification of CGCC’s credit guarantee portfolio, extending from individual and package loan projects to bond issuance, aligns with its overarching mission to elevate the credit standing of local bond issuers. This move aims to facilitate capital raising through bond issuance on the Cambodia Securities Exchange, contributing to the overall economic vitality of the nation.

• Economy and Finance