Cambodia Gov’ prepares $ 500 million to support SMEs

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Phnom Penh: The Royal Government of Cambodia, through the Ministry of Economy and Finance, has prepared a budget of $ 500 million to support and promote small and medium enterprises (SMEs) in the form of loans from SME banks.

Mr. Ros Silva, Secretary of State of the Ministry of Economy and Finance, said in a press conference on the process and procedures of the SME support financing project on the morning of July 30, 2020 that the Royal Government has now prepared and prepared a budget $ 500 million to support and promote small and medium enterprises in Cambodia during the economic crisis.

During this period, there are many enterprises that need cash to be able to continue their business, but the problem is that most of them do not have collateral, repayment capacity is limited, especially businesses do not have Registration, all of which are barriers to obtaining credit.

Ros Silva said the government’s $ 500 million budget was allocated to different stages of implementation through SMEs, the Rural Development Bank, as well as banks involved in the enterprise sector Small and medium enterprises Cambodia.

Recently, Deputy Prime Minister Aun Porn Moniroth, Minister of Economy and Finance, agreed in principle on two measures to encourage small and medium enterprises.

The first measure focuses on compliance for small and medium enterprises in terms of examining the feasibility of providing support, including business consultants, lawyers, legal advisers, business registration, accounting, marketing and technical aspects. Promote the support and financing of small and medium enterprises through the SMEs Bank and the Rural Development and Agriculture Bank of Cambodia.

The second measure will support the ecosystem of small and medium enterprises, such as continuing to reform the legal framework and practices, improve business services, fund support, promote human resources, research, development and promote entrepreneurial skills.

The above two measures to support small and medium enterprises and solve problems that require coordination and solutions from stakeholders and the participation of relevant ministries and institutions so that small and medium enterprises can fully contribute to national economic growth. .

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