CGCC

The Signing of MOU between SERC and CGCC and Workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia”

In the Morning of Friday, August 30, 2024, with the honor permission from H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance and Chairman of the Non-Bank Financial Services Authority (FSA), H.E. Sou Socheat, Delegate of the Royal Government in Charge as Director General of the Securities and Exchange Regulator of the  Cambodia (SERC) and Mr. Wong Keet Loong, Chief Executive Officer of Credit Guarantee Corporation of Cambodia (CGCC) signed a Memorandum of Understanding (MoU) on “Collaboration in Promoting the Development and the Issuance of Guaranteed Bonds” and co-organized the workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia” under the high presidency of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance and Chairman of CGCC and Vice Chairman of the Board of FSA at FSA building.

This MoU signing ceremony was organized to promote the development of securities sector and the issuance of guaranteed bonds by supporting companies and financial institutions to obtain additional capital through the issuance of bonds including green bonds, social bonds, sustainability-linked bonds, and sustainability bonds which are supported and guaranteed of repayment in case default by local guarantor in order to enhance local capital mobilization more effectively. Back to back with this MoU signing ceremony, both institutions also co-organized the workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia” in order to raise awareness and disseminate the requirements to obtain guarantees for bonds and for small and medium enterprises (SMEs) and related institutions as well as highlight the benefits and opportunities of issuing guaranteed bonds.

In this event, H.E. Delegate stated that “Through today’s MoU, it will attract more companies, including SMEs, to seek financing through the securities market, and will also provide additional benefits for listed companies having demands for additional sources of financing in the form of bond issuance or other forms of debt, with the opportunities to obtain guarantee with special rate.”

Mr. Wong Keet Loong also stated that “As the first and only bond guarantee institution in Cambodia, CGCC will play a key role in developing the growth of bond issuance listed on the Cambodia Securities Exchange (CSX). The credit rating of CGCC at khAAA will enhance the credit rating of the issuer thus giving added confidence to bond investors. This MoU with SERC is strategic to develop and work towards enhancing the securities framework to promote higher bond issuance to raise funding and attract more domestic and foreign investors.”

H.E. Ros Seilava​ has added that “This MOU will enable both parties to achieve the shared goal in terms of mutually supporting SERC for the development of the bond market, and CGCC to be the leading bond guarantee institution in Cambodia for improving financial inclusion and developing SMEs in Cambodia. At the same time, this cooperation will bring a positive impact on the bond market in Cambodia by encouraging the issuance and investment of more bonds, including green bonds, social bonds, and sustainable bonds.”

This event was attended by senior representatives including: General Secretariate of FSA and regulators under FSA, CSX, Cambodia Association of Securities Firms, Cambodia Chamber of Commerce, Young Entrepreneurs Association of Cambodia, the Association of Bank in Cambodia, Rating Agency of (Cambodia) Plc., listed companies and potential listed companies and media partners with a total of 100 participants. The workshop was sharing by resources speakers who enrich of professional experiences from SERC, CGCC, Telcotech LTD., Royal Group Securities Plc. and Prudential (Cambodia) Life Assurance Plc.

 

Means of Contact:

SERC

Research, Training, Securities Market Development and International Relations Department via mobile number (855) 95 775 772 (Khy Pochchhing) or Email: [email protected]

CGCC

Division: Strategy and Business Development Department via mobile number (855) 78 222 186 (Sorn Chhorvyvatey) or Email: chhorvyvatey.sorn@cgcc.com.kh

 

About SERC

SERC is an authority to supervise, monitor and develop the securities sector in the Kingdom of Cambodia that having seen the Preah Reach Kram No. NS/RKM/0121/003 dated January 16, 2021 that promulgate the Law on the Conduct and the Organization of the Non-Bank Financial Services Authority and having seen the Preah Reach Kram No. NS/RKM/ 1007/028 dated October 19, 2007 that promulgate the Law on The Issuance and Trading of Non-Government Securities and Anukret No. 97/ANKR/BK dated July 23, 2008 on the Organizing and Functioning of the Securities and Exchange Commission of Cambodia. SERC has its official website: www.serc.gov.kh and official Facebook page: www.facebook.com/serc.gov.kh.

 

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. On 31 January 2024, CGCC launched as the First Cambodian Bond Guarantor after being accredited by the SERC) and rated khAAA, the highest rating by the local rating scale, by the Rating Agency of Cambodia on 19 December 2023. CGCC aims to provide guarantees on local corporate bond issuances on the CSX to support local companies raising funding and the development of the securities sector in Cambodia. The official website of CGCC: www.cgcc.com.kh and official Facebook page: https://www.facebook.com/officialcgcc.

 

 

Understanding Credit Guarantee-Interview with Participating Financial Institution (FTB Bank)

1. What is FTB Bank’s perspective towards the credit guarantee schemes and why does your bank partner with CGCC?

As the first commercial bank in Cambodia, a truly local bank trusted since 1979, FTB has been consistently contributing to develop the local market and economy through relentless supporting projects initiated by the Royal Government of Cambodia (RGC). The Credit Guarantee Corporation of Cambodia (CGCC) is a great initiative of the RGC, which focuses on business owners typically possessing no or insufficient collateral to access credit in a manner that they would otherwise be unable to obtain.

Being one of the earlier Participating Financial Institution (PFI), there are various opportunities presented to FTB, which are inclusive of:

  • Having further participation in the RGC’s initiatives to promote national economic growth by continuing to provide loans to customers who have real financing needs with solid business plan but do lack of collateral to pledge.
  • Contributing to the opportunities of creating jobs and employment for people through offering access to finance through credit guarantees scheme to Small and Medium-Sized Enterprises (SMEs) and Large Enterprises to enable them to enhance productivity and expand their business operations.
  • Creating new business opportunities for the Bank’s own operation through supporting new and existing clients to expand credit portfolio in alignment with the Bank’s strategic plan.

 

2. How do the credit guarantee schemes benefit FTB Bank and your customers?

The credit guarantee schemes offer benefits to FTB and the customers in numbers of ways:

For Bank:

  • Introducing new credit opportunities for customers who need funding but lack of collateral to pledge, as well as represents a significant development in the banking sector, transitioning from traditional collateral-based loans, such as those secured by real estate and other property, to loan covered by the guarantee under this new scheme.
  • Maintaining the existing customers and attracting new potential ones to use FTB Bank’s services by providing flexible loans tailored to their needs and investment plans.
  • Mitigating credit risk by obtaining credit guarantees up to 80% of the loan amount from CGCC

For the Customers:

  • Enabling potential customers access to new loans through financial institutions licensed by the National Bank of Cambodia, even without sufficient collateral.
  • Getting comprehensive financial advice from bank experts who have received proper training from relevant institutions.
  • Empowering customers to expand their businesses according to their set plan.

 

3. So far, which type of loans the Bank use the credit guarantees to support SMEs?

Since being a Participating Financial Institution, FTB has been actively providing all types of loans to customers, such as Business Term Loans, Overdraft Loans and Revolving Loans to support credit guarantee schemes as follows:

  • Rice Export Guarantee Scheme (REGS)
  • Women Entrepreneurs Guarantee Scheme (WEGS)
  • Business Recovery Guarantee Scheme (BRGS)
  • Co-Financing Guarantee Scheme for Tourism (CFGS-TR)

 

4. How should the borrowers prepare themselves to get guaranteed loans from the Bank?

To obtain the guaranteed loans from the FTB Bank, business owners shall meet the following key criteria among various requirements:

  • Businesses with a Cambodian shareholder (shareholding of more than 50%) and sufficient capital to participate in investment projects, intending to utilize the loan in accordance with the CGCC’s requirements.
  • Business registration issued by the legalized government authorities.
  • Unregistered businesses must be registered with relevant authorities after receiving the loan.
  • Businesses with sufficient income to ensure their ability for loan repayment to the bank.

 

5. What is the Bank’s strategy/plan to further expand the disbursement of guaranteed loans in 2024?

In alignment with our strategic plan, FTB will continue to offer guaranteed loans with numbers of key priorities and actions including:

  • Continuing to actively promote our services to both existing and new customers who have a potential and solid plan to expand the business.
  • Developing a training program for all related lending staff to ensure they have a clear understanding and are well equipped to support the customers with their financing needs.
  • Continuing to collaborate with relevant parties to streamline the process of obtaining guaranteed loans to ensure convenience and speed from the CGCC.

 

Read and Download in PDF: Interview with participating Financial Institution (FTB Bank)

 

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

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.

 

Extension of Request for Proposal “Legal Counsel”

CGCC is a state-owned enterprise, established under the technical and financial guidance of the Ministry of Economy and Finance (MEF) to provide credit guarantees based on international standards to improve financial inclusion and support the growth of SMEs in Cambodia. CGCC obtained the accreditation from the Securities and Exchange Regulator of Cambodia (“SERC”) to become the bond guarantor on 22 August 2023 (“Bond Guarantor” or “Guarantor”).

CGCC wishes to provide guarantee on bonds to be listed on the Cambodia Securities Exchange.

CGCC is seeking to engage a Cambodian legal counsel (“Legal Counsel”) to perform the services as described in the scope of work.

 

Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province

On 15th September 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC) co-organized a seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin province in collaboration with Pailin Chamber of Commerce with more than 80 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Pailin and other provinces. The seminar was also presided over by H.E. Oknha. Lor Sun Cheang, President of Pailin Chamber of Commerce, Mr. No Lida, Deputy CEO of CGCC, Mr. Hun Vatha, Vice President of Cambodia Agricultural Corporative Alliance (CACA), and the presentations by representatives from LOLC Microfinance Institution and ABA Bank as well.

Through this seminar, small and medium business owners are informed about the benefits of guaranteed loans through CGCC’s participating financial institutions in response to the lack of collateral when applying for a loan to expand and rehabilitate their businesses more.

Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin Province

CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee

From 11 September to 14 September 2023, CGCC team led by Mr. Hor Saopiseth, Manager of Centralized Operations of CGCC, visited provincial branches of selected participating financial institutions (PFIs) to discuss with the management and staff of the selected PFIs the implementation of CGCC’s credit guarantee schemes. The selected PFIs in 4 provinces including:

– Kampong Chnang province: ABA Bank and Chamroeun Microfinance

– Pursat province: Prince Bank, Canadia Bank and Chamroeun Microfinance.

– Battambang Province: Prince Bank, FTB Bank, and Maybank

– Pailin Province: LOLC Microfinance, Phillip Bank and ABA Bank.

The discussions with CGCC PFIs’ provincial branches in these 4 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to borrowers that lack collateral when requesting loans.

CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee

Courtesy visit by CGCC to NBC to discuss on the current situation of the credit market in Cambodia

On Friday, 12 May 2023, at the National Bank of Cambodia (NBC), Credit Guarantee Corporation of Cambodia (CGCC), led by Mr. Wong Keet Loong, CEO of CGCC, paid a courtesy visit to H.E. Rath Sovannorak, Assistant Governor and Director General of Banking Supervision of NBC.

CGCC’s CEO, Mr. KL Wong was very grateful for the warm welcome of H.E Sovannorak and his team and was very pleased to update on CGCC’s latest progress in providing credit guarantee and CGCC’s strategy that requires close cooperation and support from NBC.

In response, H.E. Sovannorak praised the progress made by CGCC and expressed his support for CGCC’s mission to provide guarantees on loans disbursed by banks and microfinance institutions (MFIs) to businesses that lack collaterals, especially SMEs, the backbone of the economy,​ and to raise SMEs awareness on financial literacy.

The meeting also discussed the latest development in the banking sector, new NBC regulations as well as ways to enhance cooperation to improve financial inclusion and access to finance.

CGCC provides $105M credit guarantees to over 1K businesses

The Credit Guarantee Corporation of Cambodia (CGCC) provided credit guarantees of $105 million as of February to businesses as their working capital for expansion.

In a factsheet issued on March 10, CGCC said that as of the end of February it has supported 1,155 businesses by providing credit guarantees for their loan applications, amounting to $104.9 million.

Large portions of the loan guarantee were used as working capital and other purposes of investment or business expansion, and capital expenditure, the report mentioned. As of January 2023, the outstanding guaranteed loan was $81.6 million while the outstanding guaranteed amount was $58.8 million.

Various credit guarantee schemes have played a crucial role in strengthening entrepreneurship and enhancing financial inclusion in Cambodia, especially during the Covid-19 pandemic, through the smooth disbursal of loans, CGCC said.

The CGCC has come up with three guarantee schemes so far — the Business Recovery Guarantee Scheme (BRGS) launched in March 2022, the Co-Financing Guarantee Scheme (CFGS) unveiled in September 2021 and the Women Entrepreneurs Guarantee Scheme launched in April 2022, besides the extension of the CFGS to tourism. The CGCC of the Ministry of Economy and Finance has extended the BRGS from January 1, 2023, until the $200-million scheme is fully utilised.

Updating some scheme features, including the scheme period, the definition of the micro, small and medium enterprises (MSMEs) and large firms, and the maximum loan amount for each guarantee are on the extension of BRGS.

BRGS aims to support businesses, including MSMEs and firms, to enhance their access to formal loans from Participating Financial Institutions for working capital, investment, and business expansion.

CGCC-guaranteed loans jump 13% year-to-date, top $104M

Credit Guarantee Corporation of Cambodia Plc (CGCC) reportedly issued a total of 1,155 Letters of Guarantee (LG) for loans worth $104.9 million equivalent as of February 28 – up 13 per cent year-to-date – as part of its mission to improve financial inclusion among small- and medium-sized enterprises (SME) and promote the sustainability and expansion of businesses worst hit by Covid-19.

As of January 31, the outstanding guaranteed amount was $58.9 million out of the $81.6 million worth of loans covered by the LGs, as noted by the state-owned enterprise in a new report, remaining in the 70-80 per cent target range at just over 72 per cent.

The CGCC was established by Sub-Decree No 140/ANKR/BK on September 1, 2020, and its $200 million Business Recovery Guarantee Scheme (BRGS) was launched on March 29, 2021 in a bid to widen access to formal loans from participating financial institutions (PFI) for working capital, investment and business expansions.

Cambodia Microfinance Association (CMA) chairman Sok Voeun lauded the CGCC’s credit guarantee arrangements as important tools for SMEs to access formal unsecured loans to keep their businesses afloat and expand in light of Covid-19 bruises.

He told The Post on March 13 that commercial banks accounted for 80 per cent of loans covered by the 1,155 LGs, while microfinance institutions (MFI) “partnering with the PFI” constituted the rest.

On the other hand, banking institutions accounted for about 95 per cent of the $104.9 million loan value, he said.

“We’ve provided credit to most of the priority sectors, including services, agriculture and manufacturing,” he affirmed.

“We are happy to join the CGCC because risks are guaranteed. We’ve noted that since the beginning of the project, the rate of bad loans has been minimal because the businesses have the potential to stimulate economic activity, although they may not have collateral.

“Hence the credit guarantee scheme has been a big help for them to expand their businesses,” he said.

The finance ministry has authorised the extension of the BRGS beyond December 31, 2022, until all funds have been utilised, an early-January CGCC statement confirmed, which noted that the terms of the scheme had also been updated, including the maximum guarantee amounts for differing categories of businesses.

The statement disclosed that loans, mostly unsecured, totalling about $89 million were guaranteed by the CGCC as of December 31 under the BRGS.

Cambodia Post Bank Plc, one of the PFIs, accounted for roughly $1 million of that, all of which went to SMEs, confirmed its CEO Toch Chaochek, telling The Post on March 13 that the plan is to increase that to $5-10 million in 2023.

To this end, the bank aims to shift its focus, from large SMEs with adequate collateral that are seeking to expand, to smaller ones without the assets needed for the secured loans to do the same, he revealed.

“The CGCC project is great for SMEs that do not have the collateral to obtain the loans – they have a shot at rehabilitating and expanding their businesses,” Chaochek said.

Credit to: Phnom Penh Post, Publication date 13 March 2023

CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event

On 10 February 2023, Mr. Wong Keet Loong, CEO of CGCC, provided a Keynote Presentation on “Credit Guarantee Schemes of CGCC and its Role in Enterprise Development” at “Give a Day” event, co-organized by Swisscontact, Khmer Enterprise, and Pact Cambodia, and presided over by H.E. Dr. Chhieng Vanmunin, Mr. Rajiv Pradhan, Country Director of Swisscontact, Ms. Sabine Joukes, Chief of Party, WE Act/Pact Cambodia, and participated by almost representatives from Entrepreneur Support Organizations (ESOs), investors and business associations.

CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event

“Give a Day” is a forum gathering the entrepreneurial ecosystem community in Cambodia that are mutually supporting each other with​ the willingness to​​ bring any open discussion related to entrepreneurship for effective solutions. Today’s “Give a Day” event theme is credit guarantee schemes that are a gateway for SMEs to access formal loans, therefore it is crucial that SMEs and ESOs understand the schemes.

Mr. KL Wong introduced credit guarantee schemes’ journey in Cambodian Financial Ecosystem and its role in supporting potential MSMEs to be able to obtain an easier and larger amount of loans under CGCC’s credit guarantee through CGCC’s participating financial institutions. Participants were pleased to learn about the benefits of credit guarantees and how this financial instrument could address the challenges in access to finance that their members and network are currently facing.

CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event
CGCC and Role of Credit Guarantee Schemes in Enterprise Development of “Give a Day” Event

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