Banking and Microfinance – Backbone of Cambodia’s Growth
AKP Phnom Penh, December 28, 2018 —
Banking and microfinance sectors are playing a crucial role in enhancing people’s living conditions as well as national economic growth.
The highlight was made by Deputy Prime Minister and Minister of Economy and Finance H.E. Aun Pornmoniroth when presiding over the opening ceremony of new ACLEDA Institute of Business here in Phnom Penh on Wednesday.
Banking and microfinance industry, he continued, is an indispensable factor that powers all scales of business and investments as well as people’s materialisation.
The assets of the industry compared to the country’s GDP rose significantly from 44 percent in 2008 to 148 percent in 2017 and continues to grow.
According to the record of the ministry, Cambodia currently has over 50 commercial banks and 80 microfinance institutions throughout the country.
By Lim Nary