CGCC gets Honorable Mention in Global Finance SME Award 2023
September 26, 2023Latest News
Credit Guarantee Corporation of Cambodia (CGCC), a state-owned enterprise under the Ministry of Economy and Finance was established in November 2020. Since it started operations in March 2021, CGCC has launched several credit guarantee products to support loans extended to MSMEs through its participating Financial Institutions (PFIs). With CGCC’s credit guarantee, it has brought a positive impact on the economic activities of MSMEs with credit additionality of approximately USD145mil guaranteed loans. CGCC has supported financing to about 1,700 MSMEs who provide jobs to more than 27,000 workers.
The impact of CGCC has been steadily growing. Many PFIs are seeing the benefits of providing guaranteed loans as a risk-sharing mechanism and for capital management purposes, as guaranteed loans will carry a zero-risk weight from 2024 onwards. With the support of CGCC, PFIs will be able to extend more credit to business entrepreneurs.
The accomplishments of CGCC have been recognised by the SME Finance Forum with an Honorable Mention in the “Product Innovation of the Year” category of the Global SME Finance Awards 2023. The awards presentation was held in Mumbai recently, endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), capturing the effective and successful practices of institutions, honouring the innovative products and services for SME clients that have achieved impressive results in expanding finance and services to SMEs and the institutions that undertake those efforts.
Wong Keet Loong, CEO of CGCC, commented “We are honoured to receive this recognition for the work we have done at CGCC. This achievement is testament to our part in supporting MSMEs in getting loans to grow their business”. He added that “this award is dedicated to all CGCC staff who have been committed to being part of a state-owned enterprise to play a role in supporting the growth of MSMEs and nation building. My salute to them for their passion and dedication and I hope that this recognition will continue to inspire them to excel further”.
CGCC has been recently accredited by SERC to be Cambodia’s first bond guarantee institution. With that, CGCC is now able to support all segments of businesses from small to large enterprises in obtaining financing. The credit guarantee is an effective financial tool to improve financial inclusion.
Credit to: Khmer Times, Publish on 26 September 2023