Category: Events and Activities

On 18 July 2024, at the Ministry of Industry, Science, Technology and Innovation (MISTI), Mr. Wong Keet Loong, CEO of CGCC, led the CGCC team to pay a courtesy visit and discuss with the management team of the Ministry of Industry, Science, Technology and Innovation.

Mr. Wong expressed his warm welcome to the management team of the (MISTI) and shared the progress of CGCC in providing credit guarantees as well as the strategic plan of CGCC, which needs the cooperation and support from MISTI.

This meeting will provide an opportunity for CGCC to explore the feasibility of leveraging the credit guarantee mechanism to support the development of small and medium enterprises under the support of the MISTI.

On Friday 19 July 2024, Credit Guarantee Corporation of Cambodia (CGCC) and Agricultural and Rural Development Bank (ARDB) signed a Memorandum of Understanding agreement on Credit Guarantee. The signing ceremony was highly presided over by H.E Dr. Kao Thach, Royal Government Delegate in charge of CEO of ARDB and Mr. Wong Keet Loong, CEO of CGCC, and was attended by representatives of relevant ministries and institutions.

Under this agreement, ARDB can receive credit guarantee services from CGCC for projects that ARDB Bank is currently implementing and ready to implement in the future. This credit guarantee service will enable the bank to issue more loans to customers who have good business conditions but do not have sufficient collateral, so this mechanism is a catalyst to improve the financial inclusion.  

On the 4-5 July 2024 in Jakarta, Indonesia, CGCC Delegation comprising of Mr. No Lida, Deputy CEO of CGCC, and Ms. Vong Sovina, Senior Executive of Product Development, attended the 2024 ASEAN-ROK Financial Cooperation Forum under the topic of “Financial Companies; Pivotal Enablers and Executers of Sustainable Finance in ASEAN”.

Taking this opportunity, CGCC Delegation also paid a courtesy visit to Mr. Ivan Soeparno, Director of Human Resource, General and Risk Management and management team of Jamkrindo, one of Indonesia’s state-owned credit guarantee institutions under PT Bahana Pembinaan Usaha Indonesia (Indonesia Financial Group). The meeting provided an opportunity for the CGCC team and other participants to learn about experiences, best practices, and new credit guarantee mechanisms to strengthen the efficiency of CGCC’s credit guarantees.

On 29 May 2024​ – The Fisheries Administration (FiA), the United Nations Industrial Development Organization (UNIDO), and the Credit Guarantee Corporation of Cambodia (CGCC) join forces to embark on a groundbreaking Investment Support Facility (ISF) scheme, under the European Union (EU)-funded CAPFISH-Capture Programme, aiming at catalyzing growth in Cambodia’s post-harvest fisheries through blending Grant fund, Loan with credit guarantee under CGCC’s Post-Harvest Fisheries Guarantee Scheme, and Applicant’s Co-investment inclusively and sustainably.

The meaningful event was also presided over by H.E. Dith Tina, Minister of Agriculture, Forestry and Fisheries (MAFF) and H.E. Igor Driesmans, EU Ambassador to Cambodia, H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance (MEF), other distinguished delegates from related stakeholders, as well as national and international guests in approximately 100 participants.

The main objective of ISF is to support post-harvest fishery enterprises and input suppliers in increasing productivity, improving food safety, and enhancing quality standards of fishery products, reaching new markets.

Press Release: https://shorturl.at/dfbMl

Understanding about CGCC’s Post-Harvest Fisheries Guarantee Scheme: https://shorturl.at/PINko

On 25^th May 2024, at the Business Development Center, Credit Guarantee Corporation of Cambodia (CGCC) and ACLEDA co-organized the Entrepreneurship Program Initiative of CGCC (EPIC) 1^st series of 2024 on “Tips in Preparing Business Plan and Strategy to Obtain Formal Financing” with around 20 Selected Micro, Small, and Medium (MESME) Entrepreneurs from Phnom Penh and the 5 Provinces.

EPIC is a long-term capacity-building program for MSMEs in Cambodia that launched in 2024 and will be implemented onward, focusing on financial literacy, entrepreneurship, credit guarantee, and effective responsible use of guaranteed loans.

Through the EPIC 1^st Series of 2024, all trainees had the opportunity to learn the main topic “Tips in Preparing Business Plan and Strategy to Obtain Formal Financing”, by learning the importance of business plans, especially for applying for loans to any banks or microfinance institution and getting a practical opportunity to prepare a business plan in the classroom. In addition, participants also received information on the CGCC Credit Guarantee Mechanism to support access to financing for MSMEs and Guaranteed Products and the loan approval procedures of ACLEDA Bank.

Capacity-building is one of the priorities of CGCC in the mission of improving financial inclusion and developing SMEs in Cambodia. EPIC is the flagship entrepreneurs’ capacity-building program of CGCC that will provide training to MSMEs on relevant and practical topics for entrepreneurs in collaboration with related stakeholders/Participating Financial Institutions that are willing to provide long-term capacity development to small and medium enterprises.

On 10 May 2024, at the Business Development Center, Credit Guarantee Corporation of Cambodia (CGCC) organized a Signing Ceremony on the “Memorandum of Understanding (MOU) between CGCC and Cambodia Rice Federation (CRF) and the “Portfolio Guarantee Agreement on Rice Export Guarantee Scheme” between CGCC and Participating Financial Institutions ” presided over by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF), with the presence of the Board of Directors of the CGCC, the management and members of CRF, the management and staff of the PFIs and CGCC, a total of more than 70 people.

The ceremony was held to seal the official cooperation between CGCC, CRF, and PFIs on the Rice Export Guarantee Scheme (REGS), which aims to increase the productivity and competitiveness of Cambodia’s rice industry and boost rice exports in line with the Royal Government of Cambodia’s policy on agriculture.

After receiving high approval from His Excellency Deputy Prime Minister, Minister of Economy and Finance, CGCC launched the USD 30 Million REGS as a Portfolio Guarantee Scheme (PGS), having 7 financial institutions participating in this scheme, including AMK Microfinance Institution, Canadia Bank, Foreign Trade Bank of Cambodia (FTB), Maybank (Cambodia), Prince Bank, Sathapana Bank, and Wing Bank. (Cambodia).

H.E. Ros Seilava, Secretary of State of MEF mentioned that “The launch of the USD 30 million REGS project is a reflection of the Royal Government’s strong commitment to support Cambodian rice production and rice exports through the public credit guarantee scheme, of which CGCC is the operator, by providing guarantee coverage of 80% on the maximum loan of up to USD 3 million. The REGS will support the financing need of rice exporters and rice millers to purchase paddy from farmers to produce rice for exports in line with the Royal Government of Cambodia’s policy to increase rice production and exports.”

Oknha Chan Sokheang, President of CRF said “Today’s signing ceremony is a further symbol of the readiness process to further enhance the rice sector through private-to-private and private-sector cooperation with the Government. The first phase of the rice credit guarantee package will now help millers expand their scope to stockpile rice for milling, processing, exporting, and increasing local value-added products derived from its by-products milling all rice to other sectors such as aquaculture, livestock farming, etc. The guarantee package is also an additional catalyst for the implementation of the rice production policy and export of 1 million tons per year set by the Royal Government, and we believe that this plan will be achieved in the up-coming 2025.”

Mr. Wong Keet Loong, CEO of CGCC said “CGCC is launching a new guarantee scheme, the Rice Export Guarantee Scheme (REGS) amounting to USD30mil to support working capital loans for rice millers to produce rice for exports.  Seven Financial Institutions have committed to provide the guaranteed loans to enable the rice millers to have more capacity to export rice.  The scheme comes with special features eg. lower guarantee fees, higher guarantee cover and loan interest rate not exceeding 11% pa. We are supporting the aspirations of the Royal Government of Cambodia to export 1mil ton of rice by 2025.  This is our first tranche for the scheme and will request to increase the scheme size if there are higher demands for the guarantees.”

CGCC launched REGS to accommodate financing needs and address the challenges of rice exporters and millers facing a lack of collateral to pledge loans to financial institutions, especially during the harvest season. Rice exporters and millers who are active members of CRF and who need financing for working capital and business expansion, especially for the purchase of processed paddy rice to export rice, can contact CRF to obtain facilitation of access to this financing.

CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance with a main mission to provide credit guarantees to improve financial inclusion and support the development of small and medium enterprises.