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

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with