Logo of Phnom Penh Post newspaper Phnom Penh Post - Belgian loans: Two MFIs get $8m in funding

Belgian loans: Two MFIs get $8m in funding

Belgian loans: Two MFIs get $8m in funding

TWO Cambodian micro-finance institutions have received loans worth US$8 million from Belgian Investment Company for Developing Countries.

The MFIs, Prasac and Sathapana, were loaned $4 million each by BIO to hand on to clients, according to a press release.

Sathapana chairman Bun Mony expected all of the money to have been dispersed by the end of September.

Sathapana, which grew into an MFI in 2001 out of a nongovernmental organisation providing financial advice and health education to poor communities, had almost 40,000 clients and loans on its book, ranging from $50 to as much as $15,000, with an average loan size of $1,100, he said.

Prasac had not yet begun lending its $4 million, general manager Sim Senacheert said.

BIO’s money was still in the bank, as the lender had received $11 million of other overseas funds to allocate first.

Sim Senacheert said BIO set the conditions on which its money could be loaned out, but that they were “very lax”. “It’s not really heavy or strict,” he said.

Prasac had 96,000 clients and an average loan size of $1,100, he said.

MOST VIEWED

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • China-Cambodia tourism forum held

    The Cambodian tourism sector must be prepared to welcome a growing number of Chinese tourists, as they lead the globe in the number of outbound travellers and were responsible for the most visitors to the Kingdom last year, the country’s tourism minister said on