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Funding ready for agro-businesses

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The ADB forecasts a four per cent GDP contraction compared to its June forecast of 5.5 per cent. Heng Chivoan

Funding ready for agro-businesses

Khmer Enterprise (KE), a unit under the Ministry of Economy and Finance and the Cambodia-Australia Agricultural Value Chain programme (Cavac) have signed an agreement to provide funding assistance to qualified agro-processing SMEs and start-ups, according to a statement on Thursday.

The goal of the fund is to support agricultural SMEs and start-ups in Cambodia and add value to local agro-products, said KE.

The programme will invite candidates to present business plans before a panel of business people, venture capitalists and investors.

KE will then announce the successful start-ups and SMEs that will receive the assistance package to promote their business, products and services.

Under the same mandate to support the agro-processing sector in Cambodia, KE has formed a partnership agreement to collaborate with Cavac.

Cavac participates as part of the evaluation committee and has full authority to provide additional funds to any shortlisted applicants that meet its objectives.

KE CEO Dr Chhieng Vanmunin said as a unit of the ministry, the company wants to become the national platform for promoting entrepreneurial activities in Cambodia.

He said KE and Cavac have the same ambitions and objectives in addressing and promoting the agriculture sector, specifically agro-processing in the country.

“Khmer Enterprise is delighted to see a proactive initiative from Cavac in taking part in supporting start-ups and SMEs in Cambodia.

“Khmer Enterprise is hoping many other organisations can use our platform as a medium to achieve their objectives by becoming partners,” Vanmunin said.

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