Phnom Penh, March 19, 2024 – The Credit Guarantee Corporation of Cambodia (CGCC) has bolstered the Cambodian economy by providing credit guarantees totaling US$174 million to 2,070 businesses to support their expansion and working capital needs up until February this year.

A recent factsheet from CGCC detailed that by February 29, 2024, the total outstanding guaranteed loan stood at US$120 million, with an outstanding guaranteed amount of US$86.9 million. The beneficiaries include a mix of 1,918 micro, small, and medium-sized enterprises (MSMEs) and 152 larger companies, with 881 of these businesses being women-owned.

This financial assistance has been facilitated through partnerships with 27 participating financial institutions (PFIs), aimed at propelling business expansion and providing essential working capital to small and medium-sized enterprises (SMEs).

Since its inception in November 2020, with a state-funded budget of US$200 million, CGCC has positioned itself as Cambodia's leading credit guarantee institution. Its mission is to enhance financial inclusion and foster the growth of SMEs, critical components of the national economy.

Mey Vann, Secretary of State at the Ministry of Economy and Finance, highlighted the CGCC's pivotal role in revitalizing businesses impacted by the Covid-19 pandemic and the ongoing inflation crisis. He emphasized the importance of access to credit for SMEs during these challenging times.

“The CGCC has been instrumental in addressing the financial needs of Cambodian SMEs, offering them a lifeline through bank credits essential for their continuity and expansion,” Mey Vann stated.

This initiative reflects the Cambodian government's commitment to ensuring the sustainable growth of the business sector, particularly focusing on the backbone of the economy - the SMEs.