Logo of Phnom Penh Post newspaper Phnom Penh Post - Bank will offer loans to farmers

Bank will offer loans to farmers

Bank will offer loans to farmers

Chief Cambodia Specialized Bank, a subsidiary of a Hong Kong-based brokerage firm, will begin operations in Cambodia next month, its management said on Monday.

Sokun Chakriya, head of marketing and sales at Chief Cambodia, said the bank aims to increase access to finance in Cambodia’s agricultural sector.

“We received a licence from the National Bank of Cambodia, so legally we now have everything in hand,” she said, adding that the new office would open in December at Canadia Tower.

Specialised banks do not accept deposits but provide loans to targeted sectors.

According to the National Bank of Cambodia, Chief Cambodia will be the eighth specialised bank in the country.

Yang Saing Koma, president of the Cambodian Center for Study and Development in Agriculture, said high interest rates and a lack of collateral still made funding challenging for farmers.

“It is also much better if the service can reach wider to small-scale farmers.”

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused