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Give a Day 11: Credit Guarantee Schemes & Its role in Enterprise Development

Cambodia
Entrepreneurial ecosystems
01.03.2023
The first Give a Day of 2023, and the eleventh one in the series was successfully organized by Khmer Enterprise and Swisscontact.

On 10th February 2023. The topic for the 11th Give A Day was Credit Guarantee Schemes & Its Role in Enterprise Development. The keynote was delivered by Mr. Wong Keet Loong, CEO (Chief Executive Officer), Credit Guarantee Corporation of Cambodia (CGCC).  and was attended by 50 participants representing entrepreneurs, ecosystem support organizations, investors etc. The gathering was held at the Khmer Enterprises office in the Business Development Center (BDC).

Some of the key takeaways from the event were:

  • Since its establishment in 2020, CGCC has given total of 985 Letter of Guarantee worth 92.7Million and currently offers four schemes to the market. One of the scheme focuses on Women entrepreneurs as there are up to 65% of MSMEs in Cambodia are run by women.
  • One of the many recommendations from the keynote was that MSME’s need to be formally registered to access support for loan guarantees. MSMEs are also recommended to use bank transactions more than cash transactions, to keep an accurate record of income and expenditure which helps in assessing the status quo of the MSMEs. Financial Institutions require this information to guarantee loans. Example in the case of Cambodia is to prioritize the use of QR codes and bank transfers as the preferred payment method for MSMEs.
  • To know more about CGCC facts and Figures: https://www.cgcc.com.kh/wp-content/uploads/2023/02/CGCC-Factsheet-ENG-as-of-31-Jan-2023.pdf

The event was covered by the following media:

Cambodia
Entrepreneurial ecosystems
Enhancing Entrepreneurial Ecosystem and Investments (3Ei)
The overall goal of the 3Ei is for the private sector to actively contribute to the Cambodia's socio-economic development and attaining the goals of the Sustainable Development Goals (SDGs). The achievement of this overall goal will be driven by two outcomes: enhanced coordination, and collaboration within the entrepreneurial ecosystem; and increased business performance and investments in the ecosystem.
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