Phnom Penh, Cambodia, 20 November 2015. Bank of China (BoC) Phnom Penh Branch, a foreign branch of Bank of China, has provided a loan up to USD10 million, which includes USD 2 million 3 years term loan and USD 8 million overdraft facility respectively to PRASAC Microfinance Institution Limited., a Cambodian microfinance with has total asset of more than USD 1 billion, to increase its lending to micro, small and medium enterprises in the rural and agricultural sectors.
Cambodia’s microfinance sector has been developing rapidly with annual growth rates of more than 30 percent in the last 20 years, benefiting more than 1.9 million borrowers. Yet, demand for credit remains huge. By lending to Cambodian microfinance institutions, BoC aims to consistently meet fund demands of local leading companies so as to support sustainable economy growth of Cambodia, focus on customer requirements, strengthen risk control, perfect management mechanism, strive to speed up business developing and make great effort to create outstanding performance to realize the strategy goal of “Serving Society, Striving for Excellence”.
BoC’s funds will help PRASAC extend more loans to smaller businesses and low-to-middle-income borrowers – 85 percent of whom are women in its current portfolio. This fund is critical for PRASAC and targets to reach even more small and medium enterprises, particularly in rural areas, where many do not have access to credit.
About Bank of China Phnom Penh Branch
Bank of China is ranked top five biggest banking player worldwide regarding capitalization. Being a full branch, BoC Phnom Penh was opened on December 8th 2010, which can conduct all kinds of local and international banking products and services, including loans, trade finance, savings, account services, foreign exchange, banking cards, clearing and settlement, POS machines services, FI agent services etc. through 3 physical offices and e-banking channel. As of October 2015, the total assets and net income of BoC are 700 million, 10 million respectively.
For more information, please visit: www.boc.cn/kh
PRASAC, the top rank of microfinance institution in Cambodia, has boosted its operations to help the Cambodian people improve their living standards through providing loans, savings, ATM, e-Banking, local money transfer, foreign exchange, payroll, bill payments and mobile top-up services. At the same time PRASAC has expand to 181 offices nationwide. As of 31 October 2015, PRASAC had USD 1,003 million in total asset, registered capital of USD 72 million, lent USD 830 million with 314 thousand active borrowers, mobilized deposit of USD 443 million with more than 440 thousand depositors and installed 101 ATMs throughout the country.
For more information, please visit: www.prasac.com.kh
|Bank of China Limited Phnom Penh Branch
Ms Yang Yunxia
Phone: (855) 92996330
|PRASAC MFI LTD
Mr. Sony Say
Phone: (855) 23 220 102