Cambodia & Economy: MoU signed to enhance access to finance for SMEs

SME Bank of Cambodia and the General Department of SMEs and Handicrafts of the Ministry of Industry, Science, Technology and Innovation (MISTI) have signed a Memorandum of Understanding (MoU) on 27 June.

The signing ceremony was attended by H.E. Hem Vanndy, Minister of MISTI, H.E. Dr. Phan Phalla, Secretary of State at the Ministry of Economy and Finance and Chairman of the Board of Directors of SME Bank of Cambodia, and other esteemed officials.

The agreement aims to improve access to finance for SMEs and support this sector in Cambodia, contributing to the country’s economic growth and development.

The MoU was signed during the First National Day of Micro, Small and Medium Enterprises (MSME Day 2024), which took place on Thursday under the theme ‘Better MSME Ecosystem for Better Growth’.

The MoU represents a significant step towards promoting the sustainability, resilience, and inclusiveness of SMEs within Cambodia’s economic and social fabric. Both parties will work together to raise awareness about financing and compliance procedures for SMEs.

The SMEs have played an important role in boosting economic growth in Cambodia, generating jobs for people and contributing to poverty reduction.

The number of SMEs registered at MISTI has risen to 44,515 as of 2023, creating employment for over 460,000 local people.