Cambodia provides additional fund of 100 mln USD to support SMEs, agriculture sector

The Small and Medium Enterprise Bank of Cambodia in Phnom Penh. (Photo: Khmer Times)

Phnom Penh (VNA) – The Cambodian government on February 14 announced an additional 100 million USD funding for two State-owned banks to assist the agriculture sector and small and medium enterprises (SMEs).

Ros Seilava, Secretary of State at the Ministry of Economy and Finance, said the two banks are the Small and Medium Enterprise Bank of Cambodia and the Agricultural and Rural Development Bank.

The additional fund was approved after the government launched the Strategic Framework and Programmes for Economic Recovery in the Context of Living with COVID-19 in a new normal 2021-2023 in December last year, he said, adding that it will help restore socio-economic activities, especially in SMEs, agro-industry and other priority sectors.

Minister of Economy and Finance  Aun Pornmoniroth said last week that the success of the national vaccination campaign in controlling the spread of COVID-19 has allowed the country to fully resume its socio-economic activities in all areas.

The Cambodian economy is predicted to grow at a rate of around 5.6 percent in 2022, higher than the figure of 3 percent last year, buoyed by the expected rises in global demand and foreign investors' confidence./.