SME Bank to Get Online in Late 2019
AKP Phnom Penh, January 18, 2019 —
Cambodia’s state-run SME bank is expected to get online in late 2019 with an investment of US$100 million, according to a senior official at Ministry of Economy and Finance.
The ministry’s Secretary of State H.E. Vongsey Vissoth shared the update recently stressing that the bank will make available a wide range of loans that help existing and potential domestic entrepreneurs to succeed their business.
Before making available the bank, said the secretary of state, we need in place a proper procedure and framework for the small and medium-sized enterprises.
The Royal Government of Cambodia is working on the mentioned procedure and framework, he continued.
Focusing on four priority areas including agriculture, manufacturing, tourism and digital innovation, the SME bank will be managed by the Ministry of Economy and Finance.
Figures from Ministry of Industry and Handicraft shows that there are about 520,000 small and medium-sized enterprises in Cambodia.
By Chea Vannak