via CAAI News Media
PR Log (Press Release) – Feb 15, 2010 – Cambodia and Australia have agreed to form a private enterprise fund to provide loans to any firm contributing to poverty reduction in Cambodia , the Council for the Development of Cambodia (CDC) announced yesterday, reports Khmer-language Rasmei Kampuchea. “Keat Chhon, deputy prime minister and CDC first president, and Margaret Adamson, Australian ambassador to Cambodia, inked a Private Enterprise Fund Project memorandum of understanding (MoU) on Tuesday at the CDC,” according to a CDC statement.
The fund project will give credit to private enterprises whose investments are primarily aimed at combating poverty in Cambodia , the statement read. The loans mainly target agriculture, industry, transportation, physical infrastructure, telecommunications and the financial and tourism sectors. Private business owners may only request loans of between 100,000 AUD [around US$67,875] and 1.5 million AUD [around US$1,018,139] if they can match the borrowed amount with their own capital, the CDC explained.
The Australian government has already introduced the project in nine countries, including Cambodia and Laos , the CDC said, adding that it has allocated 20 million AUD [around US$13.5 million] for the poverty reduction project.
The loan amount can be paid back on next payday as these loans are approved for two weeks only. Usually, the lenders ask the borrowers to write a post-dated cheque of the loan amount plus interest charges. for more information about Cheque Loans
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