State-run SME Bank to Be Operational soon
AKP Phnom Penh, March O5, 2020 —
State-run SME (Small and Medium Enterprise) Bank has been confirmed to be operational soon this year, according to a senior official.
H.E. Meas Soksensan, Secretary General at the Ministry of Economy and Finance, said that the bank’s structure, including appointed board of directors, has been done and currently it is in the process of applying for license from the National Bank of Cambodia.
The operation of SME bank is very important, that is why the Royal Government is pushing for it as soon as possible, H.E. Meas Soksensan, who is also the ministry’s Spokesman, said at a press conference held on Mar. 5 at the Office of the Council of Ministers.
“The SME Bank will be opened this year and it’ll happen soon… the bank will help the SMEs to enhance their businesses and productivity,” H.E. Meas Soksensan said, adding that it is one of the Royal Government’s measures to boost local production amid the external issues including the Covid-19 outbreak.
The Royal Government allocated US$100 million to the SME bank as capital and it is initiated by the government to help providing financial access to SMEs that seek funding to expand the production and processing of agricultural products domestically.
By Chea Vannak