Login Register

Logo of Phnom Penh Post newspaper Phnom Penh Post - Canadia sets aside $150M for SMEs

Canadia sets aside $150M for SMEs

| Publication date 20 September 2018 | 10:29 ICT

Canadia sets aside $150M for SMEs

Canadia Bank, the Kingdom’s second largest bank by assets, has reserved a $150 million financing package designed to grant loans to small and medium-size enterprises (SMEs), the bank’s executive Charles Vann confirmed Wednesday.

Vann said that the new financing package will charge interest rates as low as 7.88 per cent per year.

“It is not much different from our existing loan types, but just the fact that at previous times we never allocated a large financing package for a specific sector,” Vann said.

“We see the strong growth of Cambodian SMEs and they need loans for expansion, so we decided to reserve a larger package for SMEs loan.”

Canadia Bank earned a net profit of about $80.78 million in 2017, according to the National Bank of Cambodia’s annual supervisory report.

Prime Minister Hun Sen promised last December to start a new bank with an initial capital round of $100 million to provide financing for SMEs.

Since the announcement, no progress toward such a bank has been reported.

Contact author: Hor Kimsay

MOST VIEWED

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Newest horror film showcases unique Khmer culture, identity

    At first glance, the trailer to new horror sensation The Ritual: Black Nun looks like a western-produced feature film. As the story reveals itself to the viewers, it becomes clearer that this is a Khmer film, with a strong Cambodian identity and close links to

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the

Related articles