Partnership Between CGCC and Bridge Bank to Boost MSMEs Access to Loans

In a bid to bolster access to financial resources for businesses in Cambodia, the Credit Guarantee Corporation of Cambodia (CGCC) and Bridge...

In a bid to bolster access to financial resources for businesses in Cambodia, the Credit Guarantee Corporation of Cambodia (CGCC) and Bridge Bank have forged a strategic partnership aimed at providing support to micro, small, and medium enterprises (MSMEs) as well as large enterprises.

The collaboration formalized through a Credit Guarantee Agreement, was celebrated at a signing ceremony attended by key stakeholders from both entities. Mr. Wong Keet Loong, Chief Executive Officer of CGCC, and Mr. Richard Liew, CEO of Bridge Bank, spearheaded the event, highlighting the significance of the partnership in facilitating easier access to loans for businesses.

Acknowledging the crucial role played by MSMEs in Cambodia's economy, Mr. Richard Liew emphasized the challenges these enterprises often encounter in securing financing for their growth initiatives. The partnership between Bridge Bank and CGCC aims to bridge this gap by leveraging CGCC's expertise in credit guarantee services.

Through the Memorandum of Understanding (MoU) between the two entities, Bridge Bank commits to becoming one of the 28 Participating Financial Institutions (PFIs) of CGCC. This move is aligned with the government's directive to support MSMEs and is expected to provide businesses with easier access to loans, thereby fueling their expansion efforts.

As the sole credit guarantee corporation in Cambodia, CGCC plays a pivotal role in enhancing financial inclusion and supporting the growth of SMEs. Established under the guidance of the Ministry of Economy and Finance, CGCC's primary mission is to provide credit guarantees to facilitate the growth of businesses across the country.

Both CGCC and Bridge Bank are optimistic about the positive impact of their partnership on Cambodia's economy. By enabling MSMEs to access the necessary financial resources, the collaboration is poised to stimulate economic growth, create employment opportunities, and contribute to the overall development of the nation.

Conclusion

The partnership between CGCC and Bridge Bank marks a significant milestone in the efforts to empower businesses in Cambodia. Through their combined expertise and resources, the two entities are set to facilitate a conducive environment for MSMEs to thrive, driving sustainable economic development and prosperity for the nation.