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) reached on June 27 a Memorandum of Understanding (MoU), aiming to enhance 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), under the theme 'Better MSME Ecosystem for Better Growth,' held here on Thursday. The signing ceremony was witnessed 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. Through this MoU, an important step has been taken toward promoting the sustainability, resilience, and inclusiveness of SMEs within Cambodia's economic and social fabric. Both parties will collaborate 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 government considers the SME sector as the backbone of the economy, creating stimulus programmes to help the sector. The number of SMEs registered at MISTI rose to 44,515 as of 2023, generating jobs for over 460,000 local people. Source: Agence Kampuchea Presse