Phnom Penh: On May 27, 2020 at 10:00 am, the Bank for Rural and Agricultural Development has organized two Memorandums of Understanding (MOU). And joint press conference between Rural Development Bank and Agriculture with WING (Cambodia) Limited and between Rural Development and Agriculture with Cambodia Investment Co., Ltd. presided by Mr. Kao Thach, Director General of Rural Development and Agriculture, Manu Rajan. The CEO of WING Specialized Bank will be joined by 60 leaders and team members.
By increasing the number of clients who receive loans from NCAC Increasing day-to-day growth, especially in the small loans offered to rural farmers at lower interest rates, is thus facilitating the repayment of loans and interest to customers. Easily, the Bank for Rural and Agricultural Development (NCDD) has agreed to sign with WING Specialized Bank for the following purposes:
– Providing e-payment services through WING Bank to facilitate AMK clients. Make repayments of principal and interest on time.
– Provides security and promptness to reduce the time spent traveling, eating, or lodging a customer when he or she has to pay the principal or interest at the NCAC.
– Encourage NCAC's clients Turn to Digital Banking in line with the government's Digital Economy.
Meanwhile, after the signing of the agreement between the Rural Development Bank and Agriculture, represented by Mr. Kao Thach with the WING Specialized Bank (Cambodia) Limited represented by Manu Rajan, the Rural and Rural Development Bank also organized a MOU. The Bank for Rural Development and Agriculture, represented by Mr. Chan Seiha, together with Mr. Lim Chan, decided on behalf of the Cambodia-Investment Investment Corporation Plc.
Signing of the Memorandum of Understanding between the Bank for Rural Development and Agriculture (NCDD) and Cambodia Investment Co., Ltd. for the purpose of:
– Cooperate, assist with information provided by the borrower, and guarantee repayment on behalf of SME owners.
– Help SMEs who lack collateral get extra credit for business expansion.
– Increase the linkages between SMEs and link actors, producers, processors and collectors to the NCAC for credit assessment purposes. Etc.
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 Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia on the Added Measures Helping the private sector and workers affected by the epidemic 19 and the measures to restore and accelerate post-crisis growth, including a $ 50 million special financing program through the Bank for Rural and Agricultural Development. NCD) by extending coverage and adjusting credit conditions as follows:
- 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 who qualify for a loan under this promotion to use their loans for refinancing.
- Provides softening on registration conditions in which SMEs, who are not officially registered, can apply for a credit by completing the registration requirements one month after receiving the loan.
- Revise the requirement that "SMEs create up to 5 new job opportunities" to "encourage SME access to credit to create new job opportunities".
At the same time, Mr. Kao Thach, Director General of the Bank for Rural and Agricultural Development, answered and addressed the questions of journalists at the Press Conference in earnest.
It should be reminded that the Bank for Rural Development and Agriculture (NCDD) has received a series of special financing projects from the Royal Government to provide low-interest loans to support SMEs' handicrafts in the processing of agricultural and agricultural products. – Agricultural community, producer groups, and owners of medium and large farms throughout the Kingdom of Cambodia to improve the agricultural supply chain with the aim of creating more jobs, enhancing competitiveness and expanding the local production base to promote both export. Export and reduce imports