MAY KUNMAKARA
Acleda Bank Plc., a leading commercial bank in Cambodia, will receive some $125 million from the Overseas Private Investment Corporation (OPIC), the US government’s development financial institution, to support micro, small and medium enterprises (MSMEs).
According to an Acleda press release, both the bank and OPIC signed a commitment letter for the direct loan yesterday.
The project seeks to generate economic growth, employment, and goods and services in the Cambodian private sector, said the release.
“The loan facility will allow Acleda to expand their micro, small and medium enterprises portfolio which will permit the development of more sustainable businesses in Cambodia to improve the quality of life for thousands of Cambodians,” said Elizabeth L. Littlefield, OPIC president and CEO.
“We are pleased to be working with Acleda on this facility,” added Ms. Littlefield.
In Channy, Acleda president and group managing director, said OPIC was positioning itself through the bank to provide more funding to local MSMEs to expand their businesses in the country.
“Long-term finance from OPIC is significant for Acleda to reach out to more MSMEs throughout Cambodia, especially those who are in need of financial facilities to start or expand their businesses, as well as to leverage their revenues,” said Mr. Channy.
OPIC was established as an agency of the US government in 1971 and operates on a self-sustaining basis at no net cost to American taxpayers.
The institution aims to raise the industry and regional standards of countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide
Presently, Acleda Bank has 258 branches throughout Cambodia, 41 branches and offices in Laos, and six branches and offices in Myanmar.
As of July 2016, the bank’s total assets were over $4.34 billion, with loans outstanding at $2.72 billion, and savings and deposits at $3.09 billion.
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