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

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Sokha defence denies Tech’s claims

    ON DAY two of Kem Sokha’s treason trial, lawyers for the government said the defence had raised questions in an attempt to allow their client to make a public statement and a conclusion to the case, something his legal team denied. Ky Tech, a

  • Cambodian general visits Myanmar to enhance national defence cooperation

    Royal Cambodian Armed Forces (RCAF) commander-in-chief Vong Pisen is now in Myanmar leading a delegation that aims to improve ties, particularly in national defence, with the fellow Asean member. The timing of Pisen’s four-day visit to the Southeast Asian neighbour is highly symbolic, with

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Sokha’s treason trial begins

    The treason trial of Supreme Court-dissolved Cambodia National Rescue Party (CNRP) president Kem Sokha began at the Phnom Penh Municipal Court on Wednesday with the presentation of a two-minute video clip. The footage, which was the basis of the charge against him, was dismissed by