The International Finance Corporation (IFC), the private sector arm of the World Bank Group will provide a long-term loan of $5 million to ACLEDA Bank Plc of Cambodia.
The loan will help the bank to expand its lending to micro and small and medium enterprises, say IFC officials and press release received by VOA.
IFC has 178 member countries, alleges that the $5 million loan will be for ACLEDA Bank, and pust an emphasis on micro, and medium loans to borrowers and small and medium enterprises.
International Financial Corporation's high ranking investment official Erwein Cattoto in Washington, D.C. told VOA that the $5 million loan has been decided on and signed, to give loan to ACLEDA Bank Plc of Cambodia which meets very high standards in financial transparency for the past 7 years.
ACLEDA Bank Plc of Cambodia says that its mission is to boost private development, reduce poverty, and improve people's standard of living. It also says that it is capable of providing micro financial aid to markets that are not so active, small enterprises, small scale businesses in Cambodia, that are not able to find credits.
Established in 1993, the association of Cambodian Local Economic Development Agencies or on sliding scales, with branches all over Cambodia.
Cambodia is considered to be one of the poorest countries in the world, with 36% of the people living under poverty level, making less than 4,000 riels (Cambodian local currency) or $1.00 a day, and 85% rely on farming.