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Tag: Credit Guarantee Corporation of Cambodia

Entrepreneurship Program Initiative of CGCC (EPIC) 2nd series of 2024

Posted on by Sorn Chhorvyvatey

On 20 July 2024, at the Business Development Center, Credit Guarantee Corporation of Cambodia (CGCC) and the Young Entrepreneurs Association of Cambodia (YEAC) co-organized the Entrepreneurship Program Initiative of CGCC (EPIC) 2nd series of 2024 on “MSME’s Best Practices in Obtain and Effectively Managing Formal Financing”, supported by Feed the Future Cambodia Harvest III of USAID,  highly participated by Mr. NimishJhaveri, Chief of Party of Cambodia Harvest III, Mr. Sar Kinal, Executive Vice President of YEAC, and Mr. No Lida, Deputy Chief Executive Officer of CGCC, and distinguished speakers and 51 trainees from Micro, Small, and Medium Enterprises (MSME) in Agriculture sector from Phnom Penh, and 12 Provinces.

Through the EPIC 2nd Series of 2024, all trainees had the opportunity to learn the main training topic “MSME’s Best Practices in Obtaining and Effectively Managing Formal Financing” by Mrs. Chau Lon Molika, CEO and Founder of Cambodian Standard Development & Supply Co., Ltd., and BoD in charge of Commission Access to Finance of YEAC. As also a business owner, Mrs. Molika shared the strategy in financial management and her experience in obtaining formal financing through grants, loans, and other financing options, and also encouraged the trainees to share their experiences as practical inputs to other trainees to get maximum and comprehensively advantages from the formal financing. Trainees also shared their personal experiences through a group discussion on effective financial management.

In addition, trainees also learned about CGCC’s Credit Guarantee Mechanism to Support the Access to Formal Financing of MSMEs especially in the agriculture sector, which is one of the priority sectors of the Royal Government and a core sector of national economic development, through sharing from Ms. Chum Selarath, Manager of Business Development (Bond Guarantee) of CGCC.

In line with the CGCC Credit Guarantee Mechanism, Ms. Mak Davy, Deputy Chief of Medium Business Lending Officer of ABA Bank, also shared the bank’s support for MSMEs in access to the guaranteed loans and the bank loan approval procedures to increase the awareness of MSMEs in obtaining formal financing from the bank and to increase their financial literacy.

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.

 

Job Vacancy with CGCC – Head of Credit Management, Deputy Manager of Procurement

Posted on by Sorn Chhorvyvatey

Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established under the Ministry of Economy and Finance. CGCC was recently set up to improve financial inclusion and develop the growth of SMEs in Cambodia. It plays an important role in the economic development of the country.

We are expanding our team! Join us, If you want to be part of the team, CGCC is urgently seeking qualified candidate for the following positions:

Head of Credit Management

1. Job Overview

  • Will be responsible for overseeing on credit evaluation, credit administration, claim management, Non-Performing Loan and recovery management, management of reporting, and operational credit documentation, supporting the development and enhancement of GMS (Guarantee Management System), managing team, and building a good relationship with PFI.
  • The internal ranking of this position is Manager.

2. Key Responsibilities:

  • Reporting to the Director of Centralized Operations (DCOP) in managing all aspects of centralized operations, including branch operations (if any) credit evaluation and credit administration, loan monitoring and recovery management, claim management, customer satisfaction, feedback management etc.
  • Assist the DCOP to be accountable for all credit evaluation and credit administration related matters e.g., ensure loan is approved within the provided Turn Around Time (TAT), manage claim request and proceed with claim settlement upon all term and conditions are fulfilled and accurate etc. and authorize all core systems data input (data amendments etc.)
  • Support and assist the DCOP on implementing operational matters of all CGCC’s credit guarantee schemes and bond guarantee to ensure the sustainability of CGCC’s product and service.
  • Assist the DCOP in supporting the development & enhancement of GMS (Guarantee Management System) and derive greater productivity and cost efficiency across all operational processes, including the review for process automation.
  • Assist the DCOP in management of reporting and operational credit documentation and periodic review on Portfolio Guarantee scheme (PGS).
  • Assist the DCOP to develop all credit management and loan monitoring related policies, standard operating procedures and framework and ensure the quality of credit documentation, specifically facility offer letters in line with the approved credit application, credit policies and procedures, prudential guidelines, and other relevant legislation.
  • Support and assist the DCOP to build and supervise a team of appropriate skills to assist him/her in carrying out his/her duties and ensure that they are trained accordingly.
  • Responsible for dealing with issues related to centralized operational matters with proper timeframe and building good relationships with PFIs.
  • Responsible for providing training to existing or new PFIs related to Guarantee Application Form (GAF) filing process and/or monthly report submission to ensure speed up the turnaround time.
  • Carry out any other duties and ad-hoc assignments assigned to him/her by the DCOP or Managements of the CGCC as and when required for CGCC.

3. Qualification Requirements

  • At least 5 years’ experience in the financial industry or banking sector related credit evaluation, credit admin, non-performing Loan, and recovery management.
  • Experience of managing team.
  • Bachelor’s degree in finance, business administration, or a related field
  • Proficiency in relevant software and systems.
  • Analytical and problem-solving skills
  • Attention to detail and accuracy.
  • Ability to work under pressure and meet targets.
  • Age from 30s up to 40s.

 

Deputy Manager of Procurement

Key responsibilities:

  • Organize and prepare annual procurement plan to submit to the Ministry of Economy and Finance (MEF) for review and approval.
  • Supervise and manage the implementation of the procurement plan and prepare quarterly, semi-annual, and annual procurement reports to submit to MEF.
  • Set up, develop, prepare, implement, and improve procurement policies and procedures.
  • Organize annual procurement plans and/or amendment of procurement plans in case of necessity.
  • Organize, monitor and manage all bidding processes for each type of procurement that is determined by the CGCC.
  • Organize to open the public competitive bidding with taking charge in reviewing by procurement committee.
  • Issue the notification on the decision to award contract to the successful bidders by copying it to all failed bidders & organize to advertise the result of bidding.
  • Prepare the report regarding procurement implementation as in Monthly, Quarterly, Semester, and Annual report.
  • Coordinate and facilitate all aspects of procurement procedures.
  • Ensure the CGCC’s procurement is in accordance with the applicable laws and regulations in Cambodia.
  • Carry out any other duties and ad-hoc assignments assigned by the Director of HCA.

Qualification Requirements

  • Bachelor’s degree in Finance, Economics, Accounting, Business Administration, or a related field.
  • At least 3-5 years of experience in Procurement, Finance, or Administration.
  • Strong Communication and negotiation
  • Knowledge of MS. Word, Excel, PowerPoint, Project.
  • Good in English, Writing & Speaking.

 

Deadline: 31st July 2024

 

Job Vacancy with CGCC – Deputy Manager of Legal and Company Secretariat, Deputy Manager of Project Management, IT Security Assurance, អ្នកបើកបរ

Posted on by Sorn Chhorvyvatey

Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established under the Ministry of Economy and Finance. CGCC was recently set up to improve financial inclusion and develop the growth of SMEs in Cambodia. It plays an important role in the economic development of the country.

We are expanding our team! Join us, If you want to be part of the team, CGCC is urgently seeking qualified candidates for the following positions:

Deputy Manager of Legal and Company Secretariat

Key Responsibilities

  • Assist direct reporting line supervisor in drafting and reviewing legal documents including contracts/agreements and memorandum of understanding between CGCC, participating financial institutions (PFIs), stakeholder and suppliers, court documentation, guidelines, policy, law and regulations, to support the operation of Legal and Company Secretary Department (LCS).
  • Assist in providing legal advice and solving legal matters to protect the CGCC’s interest.
  • Conducting research of legal information, laws, governmental regulations, rules, circulars, orders, instructions, and others and keeping up to date with changing legislation that may impact CGCC’s business and organizing legal libraries.
  • Drafting, formatting, and proofreading correspondence and basic legal documents, ensuring accuracy and consistency.
  • Translating legal documentation
  • Liaising with governmental regulators or authorities, legal counsel or lawyer, court on related matters and attending court process.
  • Organizing board and sub-board meetings, preparing agendas and papers for the meetings.
  • Convening and servicing meetings, taking minutes, drafting resolutions and meeting minutes, and arranging and maintaining these documents in an appropriate manner.
  • Coordinating with the Board and sub-board for related matters.
  • Drafting letters or documents on related matters and submit to the Ministry of Economy and Finance, other ministries or governmental authorities as necessary.
  • Maintaining corporate statutory documentations including constituent document, corporate document approved by relevant authorities, and filing any documents with relevant authorities
  • Attending any seminars, conferences, or events organized by CGCC, PFIs, stakeholders, ministries or governmental authorities.
  • Collaborate with direct reporting line supervisor in developing and delivering legal education and training programs to internal staffs to build capacity and to foster a culture of professional development.
  • Provide administrative support to LCS, including arranging files, tracking records, contract/agreements, other legal documents, travel arrangement, etc.
  • Complete other work as assigned by direct reporting line supervisor.

Qualification Requirements

  • Bachelor of law or Master of law graduate having at least 3 year-experience in law firm, in-house legal in banks, financial institutions, or in any companies.
  • Having knowledge on relevant Cambodian laws and regulations, especially banking and finance laws and regulations.
  • Meticulous attention to detail and the ability to work well under pressure.
  • Interpersonal skills and the ability to work with people at all levels
  • Good organization and time management.
  • An ability to take initiative.
  • A flexible and practical approach to work.
  • Fluent in English and Khmer, both writing and speaking
  • Strong administrative skills and an aptitude for using IT software.
  • Good verbal and written communication skills.

 

Deputy Manager of Project Management

Key Responsibilities

  • Assist in strategic planning to manage, develop, and execute projects that cater to market needs.
  • Assist in preparing of all project management aspects, including design, structure, cost estimation, workflow creation, and monitoring processes.
  • Assist in project execution, encompassing the development of launch plans, roll-out schedules, post-launch monitoring, and project evaluations.
  • Facilitate training sessions for both internal colleagues and external stakeholders.
  • Conduct comprehensive market research and data analysis to formulate recommendations for CGCC product design and service delivery to meet market demands.
  • Oversee and analyse project rollouts, proposing activities to achieve organizational objectives.
  • Foster and maintain relationships with CGCC development partners and other international stakeholders.
  • Perform any other roles and responsibilities as assigned by management periodically.

Qualification Requirements

  • A minimum of master’s degree holder in Economics, Finance, Business, Management, Public Administration, or other related fields.
  • At least three years of working experience in project management or product development in the banking/financial industry or other related industries.
  • Proven coordination, communication, interpersonal and diplomatic skills.
  • Ability to work effectively as a team with a sense of responsibility, flexibility, adaptability, and ability to learn and work under pressure.
  • Ability to prioritize tasks effectively, maintain timelines, and manage/plan workloads effectively.
  • Strong verbal and written communication skills in Khmer and English.
  • Competence in Microsoft Office Software

 

IT Security Assurance

Key responsibilities

Security Policy and Strategy:

  • Review and enhance the company’s IT security policy, standards, and processes to align with international security frameworks, best practices, and evolving regulations.
  • Collaborate in the implementation of robust security standards and policies across the company.

Security Assessments and Testing:

  • Conduct vulnerability assessments, penetration testing (including web application and network penetration testing), and security audits to identify and mitigate potential security risks.
  • Evaluate existing security controls and identify areas of non-compliance or vulnerability, recommending and implementing corrective actions.
  • Stay informed of the latest cyber threats and vulnerabilities, proactively adapting security measures.

Security Operations and Incident Response:

  • Provide independent oversight on security operations, including patch management, vulnerability management, and configuration management.
  • Manage and monitor security logs, analyze security incidents, and implement appropriate response procedures.
  • Collaborate with internal teams to investigate and remediate security incidents, ensuring timely containment and recovery.

Compliance and Training:

  • Assist in ensuring regulatory compliance and adherence to information security-related laws, rules, and regulations.
  • Prepare for and participate in internal and external audits, ensuring adherence to information security regulations and compliance requirements.
  • Develop and deliver security awareness training programs for employees to educate them on cybersecurity best practices and potential threats.

Communication and Collaboration:

  • Communicate effectively with internal and external stakeholders, including senior management, to provide clear and concise security reports and recommendations.
  • Foster collaboration across departments to promote a culture of security awareness and shared responsibility.
  • Other security, infrastructure and application administration tasks as assigned by the line manager.

Qualification Requirements

  • Bachelor’s degree in information technology, Computer Science, Cybersecurity, or a related field. Fresh graduates are welcome to apply.
  • No prior experience in information security is required. We provide comprehensive professional training to help you acquire the necessary skills and knowledge.
  • Willingness to learn penetration testing methodologies, including web application and network penetration testing. Training for certifications such as OSCP, CEH, and other relevant security frameworks (e.g., CISSP, CISA, ISO 27001) will be provided.
  • We encourage recent graduates and IT professionals looking to switch roles to consider a career in IT Security Assurance.

 

អ្នកបើកបរ

ទំនួលខុសត្រូវសំខាន់ៗ

  • ដឹកជញ្ជូនបុគ្គលិកក្រុមហ៊ុន ក៏ដូចជាផលិតផល និងសម្ភារៈផ្សេងៗ ទៅកាន់ និងពីទីតាំងដែលបានបញ្ជាក់ដោយសុវត្ថិភាពទាន់ពេលវេលា។
  • ធានាបាននូវពេលវេលា និងការដឹកជញ្ជូនប្រកបដោយសុវត្ថិភាព និងបើកបរដោយសុវត្ថិភាពយានជំនិះការិយាល័យដែលបានចាត់តាំងដោយគោរពតាមច្បាប់ និងបទប្បញ្ញត្តិដែលបានកំណត់។
  • អនុវត្តភារកិច្ចផ្សេងទៀត និងការចាត់តាំងពិសេសណាមួយដែលត្រូវបានចាត់តាំងដោយអ្នកគ្រប់គ្រង និងនៅពេលដែលចាំបាច់សម្រាប់ CGCC ។

តម្រូវការគុណវុឌ្ឍិ

  • ការប្រាស្រ័យទាក់ទងគ្នាដោយពាក្យសំដី និងជំនាញអន្តរបុគ្គលដ៏ល្អ
  • ប័ណ្ណបើកបរដែលមានសុពលភាព (ប្រភេទ ​ឃ​ )
  • សមត្ថភាពក្នុងការរក្សាសុវត្ថិភាព និងសន្តិសុខទាំងភ្ញៀវខាងក្នុង និងខាងក្រៅ
  • ការយល់ដឹងច្បាស់អំពីផែនទី និងទិសដៅ និងច្បាប់ចរាចរណ៍។

 

Deadline: 31st July 2024

 

Investment Support for Post-Harvest Fishery Sector

Posted on by Sorn Chhorvyvatey

PHNOM PENH – An Investment Support Facility (ISF) scheme was launched on May 29 to support fisheries operators with technology, financing, and value chains after the fishing season. 

The aim is to respond to challenges which include inadequate fish-processing technologies, limited value addition, and food safety concerns that impact consumer’s trust and global competitiveness, the UN Industrial Development Organization (UNIDO) says.

It is designed from the CAPFISH-Capture project that is built on the success of its current Value Chain Investment Support, also known as VCIS. It targets over 100 eligible enterprises in the fisheries value chain in addition to the 50 enterprises already being supported by VCIS.

Mey Vann, secretary of state of the Ministry of Economy and Finance and a council member of the Credit Guarantee Corporation of Cambodia (CGCC), said ISF is important in enhancing the fishery sector, as eligible enterprises will be able to access technical support, capacity building and financial assistance.

These include a grant and guaranteed loans with favorable conditions.

The scheme is a blended financing initiative co-founded by the European Union, the Fisheries Administration, UNIDO and CGCC.

It aims to assist fisheries enterprises after the fishery season, input suppliers, and value chain partners, as well as increase productivity with high quality and safety.

Dith Tina, Minister of Agriculture, Forestry and Fisheries, said ISF will contribute to fishers at all levels in processing products in the post-fisheries season, because high quality and safety are the requirements for exports that will help expand productivity sustainably and responsibly.

Meanwhile, Dejene Tezera, UNIDO’s director of agri-business and infrastructure development, believes that such an initiative will “elevate the value and quantity of safe, high-quality fishery products, enabling fish processors to thrive in global markets.”

Investments in innovation and capacity building pave the way for a future where the sector “stand tall on the world stage, delivering excellence, reliability, and prosperity to local communities and beyond,” he said.

Igor Driesmans, EU Ambassador to Cambodia, believes that the ISF, aligned with the global market requirements, will boost the sector’s competitiveness and sustainability and reinforce economic expansion, public health safeguards and job creation.

Credit to: Cambodianess, Publish on 30 May 2024

Cambodia Offers Finance Scheme to Help Fishery Growth after Harvest

Posted on by Sorn Chhorvyvatey

PHNOM PENH, May 29 (Xinhua) — Cambodia’s Fisheries Administration (FiA) on Wednesday launched an Investment Support Facility (ISF) scheme, aiming to catalyze growth in the country’s post-harvest fisheries.

The ISF scheme is a blended financing initiative in cooperation with the United Nations Industrial Development Organization (UNIDO) and the Credit Guarantee Corporation of Cambodia (CGCC) and co-funded by the European Union (EU), said a news release after the launching event.

With its rich fisheries resources, Cambodia holds great promise for excelling in the global fish and fishery products market. However, post-harvest fisheries face challenges such as inadequate fish-processing technologies, limited value addition, and food safety concerns impacting consumer trust and the sector’s competitiveness on a global scale, the news release said.

The ISF scheme was designed to support post-harvest fisheries enterprises and their input suppliers in overcoming these challenges, enhancing productivity and product safety and quality.

“This scheme blends co-financing from the enterprises’ own resources, guaranteed business loans distributed by the local financial institutions, and grant support from the project,” the news release said.

“This new scheme targets over 100 eligible enterprises in the fisheries value chain in addition to the 50 enterprises already being supported by the project’s Value Chain Investment Support,” it added.

Cambodian Minister of Agriculture, Forestry and Fisheries Dith Tina reaffirmed the commitment to further advancing Cambodia’s fisheries sector to higher levels.

“The ISF is a good initiative to support the collaboration between the Fisheries Administration of the Ministry of Agriculture, Forestry and Fisheries, UNIDO, and the private sector to promote growth in the post-harvest fisheries sector in Cambodia,” he said.

Tina is optimistic that the scheme will promote the processing of post-harvest fishery products to higher standard and quality, as well as provide economic benefits to fishermen and processing enterprises.

Credit to: Xinhua, Published on 29 May 2024

New Project Boosts 100 Fisheries Enterprises

Posted on by Sorn Chhorvyvatey

A new scheme by the EU-funded CAPFISH-Capture programme aims to support the Kingdom’s post-harvest fisheries sector by improving access to capital.

Through CAPFISH, the Fisheries Administration (FiA), the UN Industrial Development Organization (UNIDO) and the Credit Guarantee Corporation of Cambodia (CGCC) will work together to launch an investment support facility (ISF) scheme.

Building on the success of its current investment support of 50 small enterprises, the ISF scheme will provide technical support and guaranteed business loans to 100 additional businesses.

The funding will allow the small enterprises to overcome challenges such as inadequate fish-processing technologies and limited value addition, as well as food safety concerns which impact consumer trust and the sector’s competitiveness on a global scale, according to a joint statement from the CAPFISH and its partner organisations.

The scheme blends co-financing from the enterprises’ own resources, guaranteed business loans distributed by the local financial institutions and grant support from the project itself. It is co-funded by the EU.

“The ISF will play a pivotal role in enhancing Cambodia’s fisheries sector. Through it, eligible enterprises will be able to access technical support, capacity building, and financial assistance, including grants and loans with favourable conditions,” Mey Vann, member of the CGCC board of directors, was quoted as saying in the statement.

“Ultimately, these efforts will contribute to the government’s overarching goal of securing food supplies and elevating the standard of living for the Cambodian people,” he added.

Dejene Tezera, UNIDO director of agri-business​​ and infrastructure development, expressed his pride in the introduction of the scheme.

“Through investments in innovation and capacity building, we are paving the way for a future where Cambodian fisheries stand tall on the world stage, delivering excellence, reliability, and prosperity to local communities and beyond,” he said.

“The ISF will not only help boost competitiveness and sustainability but also underpin economic expansion, public health safeguards and local job creation. I am optimistic that its success will inspire replication and scale up in other agricultural sub-sectors,” added EU ambassador Igor Driesmans.

In the statement, Dith Tina, Minister of Agriculture, Forestry and Fisheries, acknowledged the invaluable support of the EU and UNIDO.

“This is a great initiative and will support current collaborations between the ministry’s FiA, UNIDO and the private sector,” he was quoted as saying.

“I am positive that this project, which will be implemented by the CAPFISH-Capture programme, will raise the standards and quality of post-harvest fishery products, providing economic benefits to fishermen and the owners and employees of processing enterprises,” he added.

Credit to: The Phnom Penh Post, Published on 29 May 2024

CGCC Attended a Seminar on “Beyond the Cambodian Market: Bringing Cambodian Products to International Markets via Alibaba.com” organized by The Ministry of Commerce

Posted on by Sorn Chhorvyvatey

On 27 May 2024, Mr. Wong Keet Loong, CEO of CGCC, led his colleague to attend a seminar on “Beyond the Cambodian Market: Bringing Cambodian Products to International Markets via Alibaba.com” at Sofitel Phooketra Phnom Penh organized by The Ministry of Commerce partnering with Alibaba to promote the export of Cambodian products to international markets and provide opportunities for small and medium enterprises to take advantage of e-commerce and the digital economy.

Through this seminar, CEO of CGCC also made a presentation on the participation of CGCC in relation to the credit guarantee mechanism to facilitate access to finance and support for small and medium enterprises, where he highlighted the credit guarantee schemes and capacity building program for entrepreneurs, which refers to the development of long-term entrepreneurial capacity.

The workshop reflects the partnership and cooperation between the state and the private sector in promoting Cambodian products and aims to boost exports to international markets, especially e-commerce transactions.

CGCC Participating in the 47th Association of Development Financing Institutions in Asia and the Pacific (ADFIAP)

Posted on by Sorn Chhorvyvatey

Mr. Wong Keet Loong, CEO of CGCC, led the CGCC’s team to participate in the 47th ADFIAP Annual Meeting from 15 to 17 May 2024, at Sofitel Phnom Penh, hosted by the Agricultural and Rural Development Bank (ARDB) of Cambodia.

The 47th ADFIAP Annual Meetings is attended by more than 400 participants from more than 40 countries who are ADFIAP members, representatives from developing partners, representatives from the private sector, and other relevant stakeholders to share experiences from the countries in the Asia Pacific under the topic “DFIs’ Role in Sustainable Finance Ecosystem: Cultivating a climate-smart and sustainable future”. CGCC also submitted an application to be a member of ADFIAP through this annual meeting as well.

 

$30M Credit Guarantee Scheme for Rice Inked

Posted on by Sorn Chhorvyvatey

The state-owned Credit Guarantee Corporation of Cambodia (CGCC), Cambodia Rice Federation (CRF) and participating financial institutions (PFIs) signed an agreement on the $30 million Rice Export Guarantee Scheme (REGS) to help millers stockpile rice for milling, processing, exporting and making local value-added products.

The signing ceremony was held last Friday in the presence of Ros Seilava, Secretary of State of the Ministry of Economy and Finance, the Board of Directors of the CGCC and the management and members of CRF, PFIs and CGCC.

The official cooperation by the three parties on REGS is aimed at increasing the productivity and competitiveness of Cambodia’s rice industry and boosting rice exports in line with the Royal Government of Cambodia’s policy on agriculture.

CGCC launched REGS as a portfolio guarantee scheme, having seven financial institutions participating including AMK Microfinance Institution, Canadia Bank, Foreign Trade Bank of Cambodia (FTB), Maybank (Cambodia), Prince Bank, Sathapana Bank, and Wing Bank (Cambodia).

The scheme will address the financing needs of rice exporters and millers having no collateral to avail of loans from financial institutions, especially during the harvest season.

At the ceremony, Ros Seilava said that the launch of the project is a reflection of the 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 percent with a maximum loan of up to $3 million.

“The REGS will support the financing needs of rice exporters and rice millers to purchase paddy from farmers to produce rice for exports in line with the government’s policy to increase rice production and exports,” he said.

Chan Sokheang, President of CRF said the rice credit guarantee package will help millers expand their businesses and use the by-products to other sectors such as aquaculture and livestock farming.

“The guarantee package is also an additional incentive for expanding exports to one million tonne per year as set by the rice production policy of the Royal Government, and we believe that this plan will be achieved by 2025,” he added.

Wong Keet Loong, CEO of CGCC, said that the scheme comes with special features – lower guarantee fees, higher guarantee covers and loan interest rate not exceeding 11 percent a year.

“We are supporting the aspirations of the government to export one million tonne of rice by 2025. This is our first tranche for the scheme and we can increase the scheme size if there is higher demand,” Wang said.

Cambodia exported more than 248,000 tonnes of milled rice in the first four months of 2024, earning a total revenue of $170 million, a CRF report showed.

The exported rice varieties included fragrant rice, white rice, parboiled rice and organic rice, among others.

Credit to: Khmer Times, Published on 13 May 2024

Rice Credit Guarantee Scheme Inked to Boost Rice Productivity and Export

Posted on by Sorn Chhorvyvatey

The state-owned Credit Guarantee Corporation of Cambodia (CGCC), Cambodia Rice Federation (CRF), and Participating Financial Institutions (PFIs) signed an agreement on the Rice Export Guarantee Scheme (REGS), which helps millers expand their scope to stockpile rice for milling, processing, exporting, and increasing local value-added products.

The signing ceremony was held on May 10 under the presidency of Ros Seilava, Secretary of State at the Ministry of Economy and Finance, with the participation of more than 70 people who are members of the CGCC Board of Directors, the management and members of CRF, the management and staff of PFIs, and CGCC.

The ceremony was held to seal the official cooperation between CGCC, CRF, and PFIs on the Rice Export Guarantee Scheme (REGS). The scheme 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.

CGCC launched the $30 million REGS as a portfolio guarantee scheme, with seven financial institutions participating, including AMK Microfinance Institution, Canadia Bank, Foreign Trade Bank of Cambodia (FTB), Maybank (Cambodia), Prince Bank, Sathapana Bank, and Wing Bank (Cambodia).

Speaking at the ceremony, Ros Seilava said that the launch of the $30 million REGS project reflects the Royal Government’s strong commitment to supporting Cambodian rice production and exports through the public credit guarantee scheme, of which CGCC is the operator. The scheme provides guarantee coverage of 80 percent on the maximum loan of up to $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,” he said.

Chan Sokheang, President of CRF said the rice credit guarantee package will 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.

According to Wong Keet Loong, CEO of CGCC, the scheme comes with special features – lower guarantee fees, higher guarantee covers and loan interest rate not exceeding 11 percent p.a.

“We are supporting the aspirations of the Royal Government of Cambodia to export 1 million tonnes of rice by 2025,” Wang said.

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. AKP

Credit to: Khmer Times, Published on 11 May 2024