Cambodia Chamber of Commerce (CCC) and Credit Guarantee Corporation of Cambodia (CGCC) has signed an agreement to increase access to guaranteed loans for the growth of micro-, small-, and medium-enterprises (MSMEs) in Cambodia.
On Wednesday, the Chief Executive Officer of CGCC and Director General of CCC signed the strategic partnership to provide support to MSMEs, mainly CCC members, to gain greater access to finance despite collateral challenges, as well as promote financial literacy through credit guarantees to CCC members across the country.
Besides that, the collaboration between CGCC and CCC will allow CCC members to benefit from CGCC's guarantee services, which will provide additional security to partnering financial institutions, allowing CCC members to access financing easier.
Meng Tech, Director General of CCC, said that MSMEs play an important role in economic growth. However, they face a lot of challenges, particularly financial constraints.
“In this regard, the MOU signing between CCC and CGCC today aims specifically to promote access to guaranteed loans for the development of MSMEs,” he said. “The MOU signing is also a positive sign that will help strengthen and deepen the cooperation between the two institutions.”
Wong Keet Loong, Chief Executive Officer of CGCC, said the MoU is a significant milestone for CGCC since it enables it to reach out to CCC members nationwide.
“CCC, being an established business chamber with many MSME members, will be a key partner to CGCC in promoting the understanding of the benefits of the credit guarantee,” he said. “Together with CCC, we can support the development of SMEs in Cambodia by improving financial inclusion and financial literacy.”
This collaboration between the CGCC and the CCC demonstrates a common commitment to fostering Cambodian economic growth and development. By working together, the two institutions will assist MSMEs in overcoming financial problems and realizing their full potential to support the country's economic growth.