CGCC

Menu
Menu
Menu

Category: Events and Activities

CGCC Conducted Courtesy Visits and Met the Management Team of Kampot – Kep Chamber of Commerce, Federation of Association of Small and Medium Enterprise s in Cambodia (FASMEC) in Kampot and Young Entrepreneurs Association of Cambodia (YEAC) Chapter Kampot-Kep

Posted on by Sorn Chhorvyvatey

On April 24 and April 26, 2024, CGCC team led by Mr. No Lida, Deputy CEO of CGCC conducted  courtesy visits and met the management team of Kampot – Kep Chamber of Commerce, Federation of Association of Small and Medium Enterprise s in Cambodia (FASMEC) in Kampot and Young Entrepreneurs Association of Cambodia (YEAC) Chapter Kampot-Kep.

The dialogue between CGCC and the three business associations provided the opportunity for both CGCC and the three business associations to learn about the business situation in the provinces and the challenges of the business owners in obtaining loans for working capital and business expansion through credit guarantee mechanism.

CGCC visits PFIs provincial branches in Takeo, Kep & Kampot to Enhance Collaboration on the Credit Guarantee

Posted on by Sorn Chhorvyvatey

From 22 to 24 April 2024, CGCC team led by Ms. Pin Manika, Manager of Marketing and Business Development of CGCC, visited provincial branches of selected Participating Financial Institutions (PFIs) to discuss with the management and staff of the selected PFIs regarding the implementation of CGCC’s credit guarantee schemes and to increase more awareness of the credit guarantee. The selected PFIs in 3 provinces include:

– Takeo province:  Philip, Maybank, and Prince Bank.

– Kep province: ACLEDA Bank, ABA Bank, and Sathapana Bank

– Kampot Province: Sathapana Bank  and Canadia Bank

The discussions with CGCC PFIs’ provincial branches in these 3 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to potential borrowers that lack collateral when requesting loans.

CGCC 1st Town Hall Meeting 2024 on “Milestones in Q1 2024 and Strategy Plan in Q2 2024”

Posted on by Sorn Chhorvyvatey

On 11 April 2024, CGCC organized the Quarterly Town Hall meeting, a gathering of all management and CGCC staff to update on the progress and milestones of CGCC in the 1st quarter of 2024 as well as share the strategy and action plans of all respective departments of the 2nd quarter of 2024.

This Town Hall Meeting was attended by all management and staff and was not only to share the progress report and plans from all departments but also for a dialogue platform to openly discuss and obtain recommendations from management on the direction of CGCC’s operations and vision in improving financial inclusion and developing SMEs in Cambodia. 

 

CGCC participating in UNDP Cambodia Investor Convening

Posted on by Sorn Chhorvyvatey

On 08 April 2024, Mr. Wong Keet Loong, CEO of CGCC was invited to be a panelist at the “Investor Convening Event for the Growth Stage Impact Venture Program in Cambodia” to share CGCC’s initiative in enabling the financing environment for private sector development Cambodia in the panel discussion focusing on “Investment landscape in Cambodia Specifically in Climate Adaptation”.

Through this panel discussion, Mr. Wong shared the government’s support mechanism for the private sector in access to finance through CGCC credit guarantee for businesses, especially green sector businesses. He also highlighted the Sustainable Green Financing Facility of CGCC, which is a blended financing model developed with support from UNDP to increase CGCC’s guarantee capacity for the green sector.

This UNDP Cambodia Investor Convening event aims to raise public and private sector interest and awareness around climate-anchored market solutions and investments, and also serve as a platform to mobilize and channel private sector capital and blended financing towards climate change adaptation and to diversify sources of climate financing by capitalizing on existing market opportunities.

CGCC and Royal Group Securities Plc. (RGS) Signed a MoU to Strengthen Cooperation on Bond Guarantees to Support the Bond Market Development in Cambodia

Posted on by Sorn Chhorvyvatey

On 5th April 2024, Credit Guarantee Corporation of Cambodia (CGCC) and Royal Group Securities Plc. (RGS) signed a Memorandum of Understanding to strengthen cooperation on bond guarantees to support the bond market development in Cambodia witnessed by H.E. Sou Socheat, Delegate of the Royal Government of Cambodia in charge as Director General of Securities and Exchange Regulator of Cambodia (SERC), and highly attended by H.E. Hong Sokhour, Delegate of the Royal Government of Cambodia in charge as Chief Executive Officer of Cambodia Securities Exchange (CSX).

CGCC officially became the First Cambodian Bond Guarantor on 31 January 2024 after getting approval from H.E. Deputy Prime Minister, Minister of Economy and Finance on the Policy Framework on Bond Guarantee, accredited by the SERC as the first local bond guarantor, and rated khAAA, the highest rating on a local scale, by the Rating Agency of Cambodia.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC, said, “CGCC has been accredited by the SERC to be the bond guarantor for corporate bonds listed on the CSX.  This partnership with RGS will enable us to be part of the structuring of bonds between the Issuers and Investors.  The guarantee for corporate bonds enhances the credit rating of the bond issuance, which adds confidence to investors.  CGCC, as a state-owned enterprise under the Ministry of Economy and Finance (MEF), will support SERC’s aspirations to develop the capital market to enable large businesses to source for funding by issuing bonds. With the bond guarantee, we hope to attract both local and foreign institutional investors to invest in the guaranteed bonds.”

Mr. Seng Chan Thoeun, Chief Executive Officer of RGS, said, “I am pleased to announce our strategic partnership with CGCC, aimed at enhancing debt capital raising through bond guarantee in Cambodian capital market by the state-owned corporate bond guarantor. This collaboration represents a significant milestone in our commitment to foster growth and trust within the financial sector. By leveraging our expertise and resources as a well-established securities firm, RGS will collaborate and support CGCC in providing guarantee to our local businesses, enhanced assurance to investors, thereby increasing confidence in bond offerings. Our joint effort will also enable us to offer more favorable terms and conditions to issuers, facilitating access to capital and promoting greater participation in the market. Ultimately, we believe this partnership will play a pivotal role in stimulating economic growth and development by providing a robust environment for capital formation and investment.”

The partnership between CGCC and RGS will play a significant role in supporting Cambodia’s sustainable economic development by collaborating in knowledge and resource sharing between the two institutions to develop bond guarantees that will support bond issuers in raising funds in capital markets, attract investors to invest in corporate bonds, and increase the bond market’s liquidity.

About CGCC

CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia.

About RGS

Royal Group Securities Plc. (RGS) is a full-licensed securities firm under the supervision of Securities and Exchange Regulator of Cambodia. RGS offers a wide range of professional financial services including capital raising, M&A, capital restructuring, stock trading, international stock investment, equity valuation, co-investment and financing, and more. RGS is the sole financial advisor and underwriter of all bonds issued in 2023 and subsequently listed on Cambodia Securities Exchange. In the second half of 2023, the company raised over USD 100 million for local businesses through IPO, bonds, and loan.

 

 

CGCC Attended the Regional Workshop on Strengthening Regional Partnerships for Climate Transition.

Posted on by Sorn Chhorvyvatey

On the 26th & 27th March 2024 in Bangkok, Thailand, CGCC Delegation, led by Mr. Wong Keet Loong, CEO of CGCC attended the Regional Workshop on Strengthening Regional Partnerships for Climate Transition.

Mr. Wong Keet Loong was also invited to share on CGCC’s Sustainable Green Financing Facility, a blended financing model developed together with support from UNDP to increase our guarantee capacity for the Green sector.

CGCC​ Participated in the Seminar on Promoting Co-Financing to Support Entrepreneurs in Solar Technology in the Aquaculture Sector

Posted on by Sorn Chhorvyvatey

On 20 March 2024, Ms. San Sokrina, Manager of Product Development at CGCC​ participated and was the guest speaker at a seminar on promoting co-financing to support entrepreneurs in solar technology in the aquaculture sector to find the need for more innovative financing solutions, advocating for investment in clean energy development through a blended approach that combines grants and loans.

Ms. San Sokrina stated that blended financing, a combined available fund from different sources could play a pivotal role in advancing financing inclusion and fostering the growth of small and medium enterprises (SMEs) in Cambodia.

CGCC Celebrating International Women’s Day

Posted on by Sorn Chhorvyvatey

On 06 March 2024, CGCC management and staff celebrated International Women’s Day to appreciate all CGCC female staff who have played vital roles in advancing CGCC’s development in various operational areas.

To express this appreciation, CGCC’s management presented souvenirs and organized a lunch gathering with all CGCC’s staff.

Out of 51 staff, CGCC has 21 women (41%) who work in different departments and positions.

CGCC and Bridge Bank Signed on Credit Guarantee Agreement to Support Businesses in Access to Guaranteed Loans

Posted on by Sorn Chhorvyvatey

On 07 February 2024, Credit Guarantee Corporation of Cambodia (CGCC) and Bridge Bank officially announced the partnership in the signing ceremony on the Credit Guarantee Agreement to provide support to micro, small, and medium enterprises (MSMEs) and large enterprises, in easier access to bank’s loans with CGCC’s Guarantee for business development.

The partnership between CGCC, a state-owned enterprise, under the financial and technical guidance of the Ministry of Economy and Finance, and Bridge Bank, a commercial bank with a commitment to support the local MSMEs, will enable Bridge Bank to expand the opportunity to be confident in providing the loans to financially viable businesses but lack of collaterals, by using credit guarantees of CGCC.

CGCC and Bridge Bank

Mr. Wong Keet Loong, Chief Executive Officer of CGCC said: “This partnership with Bridge Bank opens up a new channel for us to reach out to support the Bank’s SMEs in getting loans when they lack collateral.  Our participating FIs will evaluate the eligibility of SMEs for guaranteed loans as they know the financial needs and repayment capability of the borrowers. Our guarantees are vital to ensure the continuous supply of credit into the market to support more economic activities.”

CGCC and Bridge Bank

Mr. Richard Liew, CEO of Bridge Bank said: “SMEs are one of the backbones of Cambodia’s economy, contributing significantly to the country’s GDP growth as well as providing employment opportunities to all Cambodians. However, some of these businesses often face challenges in accessing financing to support their growth. That is where this partnership between Bridge Bank and CGCC comes in. Through this MoU, we hope to provide MSMEs with easier access to loans by leveraging CGCC’s expertise in credit guarantee services. This will help to mitigate the risk of default and enable us to offer more competitive loan rates, thus increasing the affordability of credit for MSMEs.”

Through this agreement, Bridge Bank has now become one of the 28 Participating Financial Institutions (PFIs) of CGCC, committing to assisting business entities in line with the Government’s direction to support MSMEs. CGCC and Bridge Bank strongly believe that this partnership will be one of the key instrumental in addressing the financing gap faced by many MSMEs and will contribute to the growth and development of the country’s economy.

CGCC and Bridge Bank

About CGCC

CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia. Visit CGCC’s website for more information: www.cgcc.com.kh

 

About Bridge Bank

Bridge Bank provides a comprehensive range of banking products, such as loan services including home, automotive, personal, and business loans, as well as deposit services, payroll and remittance services.

Bridge Bank’s vision and mission are “to be your preferred financial partner of today and generations to come,” and “to provide financial services you can trust through our global service standards, making banking simple and secure.”

Please visit us for more details via www.bridgebank.com.kh​

Workshop on “Primary-CBO Guarantee Best Examples of KODIT’s Innovation in the Capital Market” for CGCC Provided by Korea Credit Guarantee Fund (KODIT)

Posted on by Sorn Chhorvyvatey

On 01 February 2024, the workshop on “Primary-CBO Guarantee Best Examples of KODIT’s Innovation in the Capital Market” was held at the CGCC’s head office, with a guest honor and a presentation shared by Mr. Choi Taejin, Director General of Capital Market Department, Korea Credit Guarantee Fund (KODIT), participated by CGCC’s managements and staff, led by Mr. Wong Keet Loong, CGCC’s CEO.

This workshop focuses on the credit guarantee to support the development of banking sector and MSMEs through Primary-CBO guarantee best examples of KODIT’s innovation in the capital market.