Logo of Phnom Penh Post newspaper Phnom Penh Post - Amret to get $40 million from IFC to expand microfinance loan portfolio

Amret to get $40 million from IFC to expand microfinance loan portfolio

Amret Deputy CEO Dos Dinn in his office in 2016.
Amret Deputy CEO Dos Dinn in his office in 2016. Hong Menea

Amret to get $40 million from IFC to expand microfinance loan portfolio

The International Financing Corporation has proposed giving $40 million in loans to Cambodian microfinance institution Amret to help it expand its loan portfolio.

The financing package is intended to support increasing financial access to small businesses in Cambodia, especially farmers and women borrowers, according to Friday's investment disclosure from the global funding body.

The project is still awaiting approval from the group's board of directors.

The IFC, the financing body of the World Bank, has supported Amret in the past, acquiring a 19.9 percent stake in the MFI in March 2015 and providing $50 million in financing in February 2016.

Amret’s majority shareholder is the Luxembourg-based Advans Group, which holds a 53 percent stake in the company. The IFC and Netherlands-based FMO each hold about 20 percent.

Last week, Amret announced plans to partner with insurance giant AIA to offer insurance policies to its more than 400,000 customers in Cambodia.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • PM: Do not defile Tonle Sap swamp forest or else

    Prime Minister Hun Sen ordered police to arrest anyone – including government officials – involved with the deforestation of the flooded forests surrounding the Tonle Sap Lake because it is an area important to the spawning of many species of fish, among other reasons. Speaking in a