Meeting to understand the possibility of collaboration in credit guarantee to rice sector
October 1, 2021Events and Activities
On Friday, 01 October 2021, Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Rice Federation (CRF) held a first discussion meeting virtually to understand the possibility of collaboration and supports on credit guarantees for loans to CRF’s members such as exporters, rice millers, and especially Agricultural Cooperatives, who are facing challenges in getting formal loans for their working capital or business expansion due to lack of collateral.
The meeting was attended by Mr. Wong Keet Loong, CEO of CGCC, Mr. No Lida, Deputy CEO of CGCC, and other CGCC staff, while CRF was attended by Oknha Chan Sokheang, Vice President, Mr. Lun Yeng, Secretary-General and Mr. Yon Sovann, member of CRF’s Board of Director.
CGCC understands the importance of agriculture, especially the rice sector, in the development of Cambodia’s economy, which is also in line with the CGCC’s principle that considers the agricultural sector as one of its priority sectors. This discussion meeting paved the way for CGCC and CRF to have a clearer and better understanding of the importance of having a credit guarantee to tackle challenges of accessing formal loans within the rice sector, and especially for loans that lack collateral.
CGCC and CRF will continue to study the possibility of this cooperation that will support the Cambodian rice sector with a joint effort from related stakeholders as well as financial institutions.
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