On 19 January 2022, CGCC held the 3rd Executive Committee (EXCO) meeting. The meeting aims to discuss the strategic business plan 2022, and review the progress and action plans 2022 of each department. The meeting was attended by the CEO, DCEO, and all department heads of CGCC.
The agenda of this 3rd Exco Meeting included (1) IT Policy, (2) Demo on Ms. Team’s Approval Function, (3) Amendment to Guidelines on Employees Compensation, Benefits, and Entitlements, (4) Financial Performance Report, (5) Monthly Risk Management Report, and (6) Action Plan 2022 of each department.
The Exco meeting of CGCC is regularly organized monthly to review the monthly progress of CGCC and discuss the future direction of CGCC.
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Our Newsletter Issue 01 is covered on credit guarantee’s news & information from October to December 2021. Click here to read and download: CGCC’s Newsletter Issue 01
Credit Guarantee Corporation of Cambodia (CGCC) and Chip Mong Bank Plc. officially announce the partnership in the signing ceremony on Credit Guarantee Agreement on January 13, 2022 at Chip Mong Bak Touk Center, to provide guaranteed loans to businesses especially SMEs who lack of collaterals for their businesses’ working capital and investment.
Mr. John Bell, President of Chip Mong Bank said “Chip Mong Bank has always been committed to supporting businesses and small and medium enterprises (SMEs) in Cambodia by providing a wide range of loans with low interest rates and long-term repayments. In addition, Chip Mong Bank always welcomes any cooperation from all stakeholders in order to help develop businesses and SMEs to be stronger and more sustainable.”
He added: “The current agreement between Chip Mong Bank and the Credit Guarantee Corporation of Cambodia will help Chip Mong Bank customers to be more likely to get a loan even if they do not have enough collateral. This collaboration is very beneficial for customers, the bank as well as the national economy, as SMEs business owners who are in need of financial assistance can apply for a bank loan with better terms and larger number of loans under the guarantee from CGCC.”
Mr. Wong Keet Loong, CEO of CGCC said that: “CGCC is delighted to sign our 1st partnership agreement for 2022 with Chip Mong Bank. This partnership will make up a total of 22 participating FIs for CGCC to provide guaranteed loans to SMEs.
He added : “As business activities improve, the demand for loans for working capital or business expansion will increase. The credit guarantee will be beneficial to support the collateral required for business owners when they apply for their loans. We are optimistic that more SMEs or businesses will benefit from the guaranteed loans.”
The partnership agreement between CGCC and Chip Mong Bank will be the key supports to facilitate the business owners, including SMEs, who are financially viable and are in need of loans for business development, but now lack collateral. You can apply for a loan from Chip Mong Bank with confidence.
About CGCC
CGCC is a state-owned enterprise operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF), and officially incorporated in November 2020. CGCC’s mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion.
As of 11 January 2022, CGCC has supported 199 businesses by providing credit guarantee for their loan applications, amounting to more than USD 22 million. In term of type of borrowers, CGCC has provided the most to SMEs, which is accounted for 95% of the total businesses receiving the credit guarantee from CGCC.
About Chip Mong Bank
Chip Mong Bank is a digital commercial bank established in January 2019 and has a strong shareholding from Chip Mong Group. In the more than three years of operation, Chip Mong Bank has total assets of more than USD 800 million, of which total loans have increased by more than USD 500 million and received deposits more than USD 700 million.
The seminar brings together relevant stakeholders including the Government, Development Partners, Financial Institutions, and business representatives to discuss the benefits and opportunities of using credit guarantees to support business survival and expansion.
The extent to which credit guarantees can contribute to restoring the economy depends on the lenders’ and borrowers’ perspectives toward credit guarantees.
The seminar, therefore, focuses the discussion on their perspectives toward credit guarantees. All speakers shared a common view that lack of collateral is one of the main challenges for businesses to access formal loans.
They agreed that credit guarantees can support banks and Micro-Finance Institution (MFIs) to lend out more to businesses, especially those who lack collateral.
The seminar also digs into stakeholders’ ongoing efforts to improve SME access to finance for the economic re-opening in Cambodia.
The Government has introduced many policy interventions to support SME access to finance. In addition, relevant stakeholders have spared efforts which include, among others, increasing financial literacy, introducing innovative financial solutions, and upgrading financial sector infrastructure. The panelists demonstrated their commitment to continue supporting SMEs’ access to financial services.
Prominent speakers in this seminar include the President of Federation of Associations of SMEs of Cambodia (FASMEC), Vice President of Cambodia Women Entrepreneurs Association (CWEA), President of Young Entrepreneurs Association of Cambodia (YEAC), Chairman of Cambodia Microfinance Association & CEO of AMK Microfinance, CEO of Canadia Bank, Deputy Director-General of General Department of Policy of Ministry of Economy and Finance, and Senior Financial Sector Specialist from the ADB, and Senior Regional Technical Advisor from UNCDF, and CGCC’s management.
This seminar attracted more than 300 participants from various institutions – Government, development partners, financial institutions, and business communities.
CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance.
CGCC’s mission is to provide credit guarantees to lenders on loans made to businesses. As of 10 December 2021, CGCC has provided guarantees for 173 loans with a total amount of over U$20 million.
The extent to which credit guarantees can contribute to restoring the economy depends on the lenders’ and borrowers’ perspectives toward credit guarantees. The seminar, therefore, focuses the discussion on their perspectives toward credit guarantees. All speakers shared a common view that lack of collateral is one of the main challenges for businesses to access formal loans. They agreed that credit guarantees can support banks and Micro-Finance Institution (MFIs) to lend out more to businesses, especially those who lack collateral.
The seminar also digs into stakeholders’ ongoing efforts to improve SME access to finance for the economic re-opening in Cambodia. The Government has introduced many policy interventions to support SME access to finance. In addition, relevant stakeholders have spared efforts which include, among others, increasing financial literacy, introducing innovative financial solutions, and upgrading financial sector infrastructure. The panelists demonstrated their commitment to continue supporting SMEs’ access to financial services.
CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance. CGCC’s mission is to provide credit guarantees to lenders on loans made to businesses. As of 10 December 2021, CGCC has provided guarantees for 173 loans with a total amount of over USD 20 million.
On 10 December 2021, the 7th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC) was organized virtually, in the presence of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and the chairman of the CGCC’s Board of Directors, along with the presence of other 6 Board of Directors members.
The agenda of this 7th Board of Directors Meeting included: (1) CGCC progress report, (2) 4th Batch PFI applications, (3) Investment plan, (4) Risk management framework and risk appetite framework, (5) Amendment of credit guarantee system implementation agreement, (6) Procurement plan for 2022 of CGCC, (7) other matters.
CGCC’s Board of Directors Meeting is regularly organized to review, evaluate, and seek recommendations and decisions on CGCC’s activities and progress, especially the credit guarantee schemes of CGCC, in order to ensure transparency and efficiency.
On 06 December 2021, Mr. No Lida, Deputy CEO of CGCC, has attended as a panelist in the workshop on “Access to Finance for SMEs and Women Entrepreneurs-Challenges and Solutions” organized virtually by the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and PACT Cambodia.
CGCC & the promote and raise awareness on how to apply for loan with credit guarantee for SMEs & women entrepreneurs
This workshop aims to engage and build the bridge between stakeholders (banking and financial institutions, small and medium enterprises—SMEs, Women Entrepreneurs, government and development partners) to address the challenges of SMEs and women entrepreneurs in accessing finance and discuss the solutions for this issue.
Mr. Lida has shared the roles of CGCC and the ongoing practical experiences/perspectives in response to the panel discussion topic on “Promote and raise awareness on how to apply for a loan for business”. The discussion also participated by related financial institutions to share comments, and recommendations for SMEs and women entrepreneurs to expand their understanding of access to finance.
CGCC & the promote and raise awareness on how to apply for loan with credit guarantee for SMEs & women entrepreneurs
CGCC’s CEO, Mr. Wong Keet Loong, on 26 November 2021, attended the Annual Micro Finance Conference 2021 via online, within the topic of Microfinance Sector Resilience and Economic Recovery amid the COVID-19 Pandemic: “Challenges and Opportunities”, and also participated as a panelist in the panel discussion within the topic of “Key Reflection of Covid-19 response and future perspective to accelerate the economic recovery”.
CGCC & Key Reflection of Covid-19 response and future perspective to accelerate the economic recovery
This event was organized by Cambodia Microfinance Association (CMA) with participation from related stakeholders such as government institutions, development agencies, especially the financial institutions including banks and Microfinance.
CGCC & Key Reflection of Covid-19 response and future perspective to accelerate the economic recovery
Credit Guarantee Corporation of Cambodia (CGCC) has officially announced the strategic collaboration in the signing ceremony of the credit guarantee agreement with Maybank (Cambodia) Plc. on 26 November 2021, to support small & medium enterprises (SMEs) in Cambodia with the goal of building long-term competitive advantages through the Building Capacity & Capability (BCC) program to SMEs of Maybank (Cambodia).
The announcement was made on top of their strategic collaboration at the “Supporting SME Businesses in Cambodia” Business Forum, organized by Maybank Cambodia and CGCC, and supported by the Ministry of Economic and Finance (MEF), and the National Bank of Cambodia (NBC).
This business forum was also included with the panel discussion, which was moderated by the Under Secretary of State of the Ministry of Information, H.E. Ouk Kimseng, attended by 4 panelists including Deputy Director General, Trust Regulator of Non-bank Financial Services Authority, Mr. Ney Sakal, Deputy Director General, Banking Supervision of the National Bank of Cambodia, Mr. Heng Bomakara, CEO of CGCC, Mr. Wong Keet Loong, and Deputy CEO of Maybank (Cambodia), Mr. Rath Sophoan.
