Prey Veng: In coordination with Prey Veng Provincial Government and the Rural and Agricultural Development Bank on May 27, 2020, a program was organized to provide credit for farmers, fish, poultry and vegetable growers and to enterprises. Mr. Kao Thach, Director General, Prey Veng Provincial Governor, Mr. Chea Sothy, Governor of Prey Veng Province, and Mr. Hai Piseth, Director of Prey Veng Province Deputy Director of Fisheries Administration and Mr. Kien Sophea, Director of Department of Horticulture and Crops of the Ministry of Agriculture, Ministry of Agriculture, Forestry and Fisheries, as well as the representatives from the Provincial Departments of Agriculture To many small and medium enterprises, in agricultural processing, agro-industry and agriculture.
Mr. Kao Thach informed all those who attended that with the attention of the Royal Government, the Prime Minister and the support of the Ministry of Economy and Finance, the Bank for Rural Development and Agriculture. Has been acting as an intermediary for the management and implementation of a $ 50 million Government Special Financing Program to provide low-interest loans to farmers, poultry, and poultry. And Small and Medium Enterprise Handicrafts in the agricultural products processing, agro-industry and agriculture sectors so that the brothers can expand their business and improve their production chain with the aim of creating more jobs, enhancing competitiveness and expanding the local production base. The district for boosting both exports and reducing imports at a time when the Cambodian economy faces some of the challenges of COVID-19 and EBA.
In addition, the principle is to get loans from US $ 10,000 up to US $ 300,000 with 5% low interest rate annually for working capital (short term 2 years) and for investment (term 7 years) at a rate of 5.5% per annum from this special financing program.
At the same time, Mr. Kao Thach, Director General of the Bank for Rural Development and Agriculture, mentioned the decision of the Royal Government of Cambodia under the wise guidance of Samdech Techo Hun Sen, Prime Minister of Cambodia to adjust the special $ 50 million financing program Through the Bank for Rural and Agricultural Development, extending coverage and adjusting credit conditions such as:
- Reduce the interest rate for working capital from 6% to 5% and for investment capital from 6.5% to 5.5% without any fees.
- Adjust the maximum loan term from 5 years to 7 years while keeping the maximum loan period of 2 years for working capital.
- Refusal to allow clients receiving loans under this promotion to use their loans for refinancing.
- Provides softening on registration conditions in which unregistered SMEs can apply for credit by completing the registration requirements one month after receiving the credit.
- Adjust the requirement that "SMEs create new job opportunities of up to five" to "encourage SME access to credit to create new job opportunities."
With regard to credit insurance under this special program, Mr. Kao Thach has stated that the Bank for Rural Development and Agriculture can offer up to 80% of the value of the collateral, and the acceptance of the loan is very flexible. Accepted: Equipment – Machinery, Inventory, Mortgage from Buyer or Other Guarantee, Certificate of Deposit (Real Estate and Land).
Kao Thach added that on the implementation of the government's special financing program of up to US $ 50 million, the Rural Development Bank and Agriculture also have other credit products with favorable interest rates for farmers and HE. It is also encouraged that farmers, if you are not able to meet the requirements of the Government's Special Financing Program, can consider borrowing from other loans from the Rural Development Bank and Agriculture.
At the same time, Mr. Kao Thach, Director General of the Bank for Rural Development and Agriculture, requested that farmers, fish and poultry farmers have a clear plan to grow the crop, to be ready to supply the market according to their needs and availability. Sustainability to reduce imports from neighboring countries;
The Bank for Rural and Agricultural Development informs handicraft owners, owners of small and medium enterprises in the processing of agricultural products, agribusiness and agriculture, except small and medium enterprises in the rice sector that require credit for expansion. For more information, please contact: Tel: 077 759 159/099 710 789/081 515 151.