Mr. No Lida, Deputy CEO of CGCC, led CGCC’s delegation to attend the 31st ACSIC Training Program in Jakarta, Indonesia, hosted by the Indonesia Guarantee Corporation Association (ASIPPINDO), and presented about Cambodia’s Credit Guarantee Schemes under the theme “Building a Resilient Future: Enabling Sustainable Credit Supplementation.”
This training program was participated by approximately 60 delegates representing members/observers of ACSIC from 12 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Taiwan, and Thailand.
Through this training program, each member and observer of ACSIC was given an opportunity to share their respective credit guarantee regarding their institutions’ background, law and regulation, schemes/products, procedure, and mechanisms, especially credit guarantee schemes to support Environmental, Social, and Governance (ESG). Beyond credit guarantee, CGCC and other delegates also shared the commitment and effort in improving financial literacy for MSMEs through capacity-building programs.
ACSIC is the cooperation of the largest Asia’s credit guarantee organization established in 1987, designed for improving the credit guarantee system, which currently has 19 members and observers from 13 Asian countries.
On 01 September 2022, Ministry of Economy and Finance and CGCC organized a Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector” in Kampot Province, in collaboration with the Ministry of Tourism, through the provincial department of tourism, and SME bank, which was participated by more than 50 business owners in the tourism sector.
This seminar was presided by Mrs. Chin Sopheakla, Deputy Director of Kampot Provincial Department of Tourism, Mr. No Lida, Deputy CEO of CGCC, and Mr. Neav Sokun, Chief Operation Officer of SME Bank.
Through this workshop, SMEs in the tourism sector, including resorts, hotels, guesthouses, restaurants, etc., were informed about the benefits of getting guaranteed loans, in response to the lack of collateral when applying for loans for the purpose of improving and recovering their business that are impacted by COVID-19 pandemic.
SMEs also learned about government’s financial supporting mechanisms on favorable loans conditions such as low-interest rate through SME Bank and guaranteed without collateral by CGCC.SMEs can request for guaranteed loans for their tourism related businesses through CGCC’s “Co-Financing Guarantee Scheme for Tourism Sector” that act as collaterals for business loans in the tourism sector through “Tourism Recovery Co-financing Scheme” of SME Bank.
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:
Manager of Finance and Business Analytics
Ensure that master data (supplier, customer, etc.…) in accounting system is accurate and UpToDate.
Review contracts and agreements for implication related to accounting and taxes.
Ensure that receivables and payables are effectively managed.
Review and ensure that all payments are inline with policies and procedures and in accordance with the approved budget.
Review and approve accounting records in the accounting system.
Ensure that all accounting records and General Ledger are done correctly (including all accruals and provisions) and on time.
Ensure that all reconciliations are done correctly and one time.
Manage fixed assets register and depreciation according to policies.
Coordinate with all departments to ensure that annual budget and business plan are done on a timely manner.
Prepare financial reports and management reports and conduct analysis as required.
Prepare statutory reports as required.
Work closely with auditors for the internal and external processes.
Calculate and prepare monthly taxes and annual taxes.
Ensure compliance with tax authority and relevant regulators.
Review and update policies, procedures and internal controls as needed.
Carry out any other duties and ad-hoc assignments assigned by managements as and when required for CGCC.
Bachelor’s degree in (master’s degree or professional accountant graduation is preferred) finance, Accounting, Banking, Business Management, or related field.
At least 5 to 8 years’ experience in financial management, IFRS, and budgeting.
Excellent computer skills and proficient in excel, word, and outlook
Good analysis, reporting and communication skills
Good knowledge of ERP system or other accounting applications
Be able to communicate effectively and professionally in Khmer and English both in writing and speaking
Be able to communicate with people at different levels
Be able to manage different tasks with the same deadline
Have good office and admin management skills
Be proactive, creative, and a good team player
Be able to work without or with minimal supervision
Willing to learn new things
Interested candidates are invited to submit their CV and cover letter to [email protected] (Deadline: September 10, 2022). We regret that only short-listed candidates will be contacted.
Credit Guarantee Corporation of Cambodia (CGCC) is organizing a virtual seminar on “Credit Guarantee – Benefits & Opportunities to Support Small and Medium Enterprises (SME) Development” today with support from the Ministry of Economy and Finance, Asian Development Bank (ADB), and the United Nations Capital Development Fund (UNCDF). 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.
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.