Banks and MFIs Provided $3,870 million Credit to Expand Small and Medium Enterprises in Cambodia
Wednesday, 10 November 2010 13:26 DAP NEWS / CHANTHA
CAMBODIA, PHNOM PENH, Nov 10, 2010-Small and Medium enterprise and Microfinance Institutions with support from IFC, a branch of world bank on Wednesday in Phnom Penh gathered to seek ways to develop small and medium enterprises (SMEs) through providing the credits from banks, Micro financial institutions (MFIs)to expand their productivity to contribute economic growth of the country.
speaking at the national forum of between MFIs and SMEs at Koh Pich conference hall in Phnom Penh, H.E. Ouk Maly, deputy governor of the national bank f Cambodia said: “The national bank of Cambodia has been working very actively to ensure stability and well being of financial systems to support and promote national economic activities,”
She added that as of September 2010, there are 28 commercial banks and 6 specialty banks. And there are 23 micro financial institutions, 5 of which have been granted public remittance licenses, and 27 foreign credits operators working through the country.
She noted: as of the first semester 2010, total credit provided but these banking and financial establishments are about 3,870 million and there are 1.2million clients have received this credit.
“Though the size of credit has noticeable increased, the credit for small and medium enterprise is still limited,” she added.
She said: while, the national bank of Cambodia, central one who is the guardian, has been strengthening legal standard in order to carefully set standard control over banking and financial establishment aiming to ensure a financial system conducive and appropriate for investment and development of small and medium enterprise sector.
SMEs expressed the suggestion that the banks and MFIs should drop the interest rate for SMEs because if not so, the SMEs could not survive and people’s living conditions will not be upgraded.
They also suggested to the government to have real national committee to facilitate the financial system for helping the SMEs. SMEs is the life of the improving the condition, the SMEs added.
In 2015, Cambodia will join to implement the effectiveness of ASEAN Free Trade Agreement Areas (AFTA), How Can Cambodia could compete with other countries because the no barrier for trade and products. But Cambodian SMEs now met difficulties to expand its productivity, a representative of SMEs asked the forum. Cambodia will be market for foreign products, he said.
Cambodia marks 57th anniversary of Independence from French Colony
Wednesday, 10 November 2010 13:19 DAP NEWS / VIBOL
CAMBODIA, PHNOM PENH, Nov 9, 2010-Cambodian King Norodom Sihamoni on Tuesday presided over the ceremony of lighting the victory torch at the independence monument in Phnom Penh downtown to show the 57th anniversary of independence from French colony (9 November 1953-9 November 2010) with thousands of students, civil servants, and forces from all units , foreign diplomatic officials attended the great occasion.
At event also joined by Cambodian Prime Minister Hun Sen and Samdech Heng Sarin, president of national assembly and but no present of Samdech Che Sim, senate president but he is not good health but the senate was presented by prince Sisowat Chivaon Monirak, first vice president of senate.
The event also featured the achievements and his activities from former King Norodom Sihanouk, founding father of Cambodian Nation, who conducted the royal crusade from French forces in earlier 1950s. At last, France agreed to hand over independence to Cambodia after ruling the country for 90 years. And from that Cambodians given him the title “Samdech Ov and father of independence”.
Independence Day is the national holiday in Cambodia. Men Sochenda, a high school student from scout association who attended the event said that: “even the weather is hot today but we all are very happy to see the king and he torched the victory light to mark Independence Day,” .She also handed with a big placard of former king Norodom Sihanouk in his military uniform when he is crossing the stream with his former colleagues at some where in Cambodia in expelling the communist forces and enemy of Cambodia out of the country. the ceremony also played the national song and military song which featured about the sacrifice of forces to protect the sovereignty of state. And it said: Cambodia is golden land which remained from ancestors from history.
Cambodia is trying to plant the border markers with Laos, Vietnam to build the development and security along border to seek peaceful borders. But Thailand, Cambodia is in the matter of border issue at area near Preah Vihear temple since July 2008, when Cambodia listed Preah Vihear temple as world heritage site. Thai troops were sent to invade Cambodian territory and border. PMs from both sides are trying to deal it.
Thai side showed the unfriendly country and opposed the development plan o Cambodian government. Cambodia is having political stability, and optimistic for economic growth from tourism booming and this year it expected with over 2 million for tourist arrival, recovery from global economic crisis. Cambodia also faced with challenging matters like 100,000 labor forces joined market in each year, and 27 per cent of population is poverty line and government is trying to reduce one percent annually. Cambodia predicted to have economic growth of 5 per cent with national budget of 2.5 billion for 2011, which expected to be approved soon.
Cambodia also had visit exchange with friend countries like China, Vietnam, The US, EU, and ASEAN, India, South Korea, and Africa to strengthen the bilateral cooperation and share mutual benefits. Cambodia is on the track of dealing human rights, democracy, and good governance, equity for employment, and transparency, accountability for society, and puberty reduction and rule of law. Cambodia also has five political parties in national assembly (Cambodian People Party, Sam Rainsy, Human Right party, Funcinpec party, and Nationalist party) to get seats through general election and majority covered with Cambodian people party led by PM Hun Sen with 90 of 123 seats.
Cambodia also is agricultural country which could produce 7 million tons of rice products with surplus of over 3 million for exporting and a key for economic growth and potential for the country. in 2015, it expect to export one million ton. People live with income capital of 628 US dollar and this year it could be higher than last year.