Phnom Penh, August 9, 2024 – The Prime Minister expressed his gratitude to the Ministry of Labor and Vocational Training for its successful efforts in coordinating with eight prominent banks to provide financial support to workers and trainees preparing to work abroad. The initiative ensures that these individuals have access to loans with reasonable interest rates, favorable credit conditions, and streamlined document processing services before their departure.

In line with the Memorandum of Understanding between the Ministry of Labor and Vocational Training and the partner banks, these eight banks will offer loans at an annual interest rate of 8.5%. This initiative will significantly reduce the financial burden on workers and trainees, who would otherwise face an average annual interest rate of 10%.

The eight participating banks are:

1. KB PRASAC Bank Plc

2. OU Bank (Cambodia) MK (Woori Bank Cambodia or WBC)

3. Cambodia Post Bank MK

4. Canadia Bank

5. ACLEDA Bank

6. Vattanac Asia Bank Limited (ABA)

7. Wing Bank Cambodia (Wing Bank)

8. SBI Ly Hour MK (SBI LY HOUR PLC)

This collaborative effort highlights the government's commitment to supporting Cambodian workers by providing them with the necessary financial resources and ensuring that their journey to work abroad is as smooth and secure as possible.