Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - BlueOrchard chooses Cambodia

BlueOrchard chooses Cambodia

BlueOrchard chooses Cambodia

GENEVA-based BlueOrchard Finance SA, which lends more than US$1 billion to microfinance firms worldwide, has opened its first Asian office in Phnom Penh.

The firm’s Cambodia director, Julie Cheng, said its new office would act as a hub for future regional operations, as well as providing improved service to its Cambodian clients.

“We see Asia as an engine for growth. Cambodia has a free economy and will act as a solid base for our expansion strategy,” she said yesterday.
BlueOrchard provides loans to microfinance institutions, that in turn offer small-scale loans on a local level.

The firm’s South and Southeast Asian lending totalled $115 million, and Cambodia has received $36 million worth of investments to more than 10 microfinance institutions since 2003, she said.

Bun Mony, chairman of the Kingdom’s third-largest micro-lender, Sathapana Limited, said he welcomed BlueOrchard’s new Phnom Penh office, and that it would make it easier for Cambodia’s micro-lenders to access the fund.

Sathapana, which maintains a $46 million portfolio with loans to nearly 40,000 borrowers, has been borrowing from BlueOrchard since 2003.

“We have 10 creditors with more than $30 million credit to our institution, of which roughly $3 million is borrowed from BlueOrchard,” Bun Mony said.

BlueOrchard charged 8.4 percent on its lending to Sathapana, he said, and rates were “competitive if compared to other creditors”.

According to the latest National Bank of Cambodia figures, Cambodia had 22 microfinance institutions in June, extending $320 million worth of loans to 895,404 borrowers.


  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of

  • American ‘fugitive’ arrested in Cambodia outside of US Embassy

    An American citizen was arrested on request by the US Embassy in Phnom Penh on Tuesday, according to Cambodian police. Major General Uk Hei Sela, chief of investigations at the Department of Immigration, identified the man as American Jan Sterling Hagen, and said he was

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Peeling back layers of prehistory in Battambang

    When the man passed away, he had not yet reached 50. He belonged to a tribe that had settled near the Sangker River in Battambang province, likely cultivating the fields and raising animals. On the side, they hunted for boars, and even turtles, one of which