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CGCC Launches Co-Financing Guarantee Scheme for Tourism to support the Recovery and Growth of Tourism Sector
To support the Government's policy on recovery and growth of the Tourism Sector, Credit Guarantee Corporation of Cambodia (CGCC) has launched "Co-Financing Guarantee Scheme for Tourism (CFGS-TR)" after the approval from Deputy Prime Minister, Minister of Economy and Finance.
The joint efforts of the two state-owned enterprises CFGS-T of CGCC and TRCS of SME Bank will improve access to finance for the tourism sector.
CFGS-TR is specifically designed to provide credit guarantees on co-financing loans disbursed by CGCC's Participating Financial Institutions (PFIS) under the Tourism Recovery Co-Financing Scheme (TRCS) of the SME Bank of Cambodia. CFGS-TR of CGCC and TRCS of SME Bank are the joint efforts of the two state-owned enterprises to improve access to finance for SMEs in the Tourism Sector.
TRCS will aim to lower SMEs' cost of borrowing. CFGS-TR is a guarantee scheme that will act as collateral, security for 80% of the loan amount;
This will reduce the physical collateral required, from the borrowers. CFGS-TR will support new loan disbursements in the banking sector.
The co-financing scheme is aimed to help in the tourism recovery. The financing businesses sector will be helping businesses to resume operations, renovate and modernize services, particularly to help expand and diversify tourism services, though out the country mainly in Siem reap.
The Royal Government of Cambodia released in May a financial intervention package of US$150 million to help revive the tourism industry by financing businesses that were affected by the COVID-19 pandemic.
The package of US$75 million was from the government through SME Bank and from other financial institutions.
500,000 international tourists have returned to Cambodia in the first six months of 2022, an increase by 394 % compared to the same period last year.
The government expects at least two million of foreign tourists by this time next year, as it has eased COVID-19 testing and quarantine requirement.
Cambodia has attracted up to 6.61 million international tourists in 2019, generating gross revenue of US$4.92 billion, according to the Ministry of Tourism. Tourism is one of the four pillars supporting Cambodia's economy.
