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Cambodia Microfinance Association delegation shows the development of Cambodia's financial sector at EMW 2023
Phnom Penh, The Delegation of the Cambodia Microfinance Association presented the key efforts and initiatives in the financial sector in Cambodia, especially related to the financial inclusion to investors, development partners and stakeholders at European Microfinance Week (EMW) 2023. This was confirmed by Mr. Sok Voeun, Chairman of the Board of Directors of the Microfinance Association of Cambodia and Chief Executive Officer of LOLC (Cambodia) Plc. A delegation of the Cambodian Microfinance Association, led by Mr. Sok Voeun and accompanied by Mr. Phal Vandy, Secretary General at Cambodia Microfinance Association as well as a delegation of the Association of Banks in Cambodia participated in European Microfinance Week (EMW) 2023 in Luxembourg from 15th to 17th November 2023.
The three-day program is organized by the European Microfinance Forum (e-MFP) and supported by the Ministry of Foreign Affairs and European Affairs of Luxembourg and the Department of Development Cooperation and Humanitarian Affairs of the Ministry of Finance in Luxembourg. The purpose of the discussion was to discuss various topics, including promoting responsible financial inclusion, green financing, food security & nutrition, and digital innovation.
Mr. Sok Voeun, Chairman of the Board of the Microfinance Association of Cambodia, and Chief Executive Officer of LOLC (Cambodia) Plc., said that EMW is an important forum for investors, experts and policymakers in the microfinance sector to come together to discuss important topics as well as share information and good experiences.
Mr. Sok Voeun said:
"I am honored and pleased to represent Cambodia at this year's event and it is a great opportunity to learn from each other. "We receive good experiences from the program. We hope to be able to apply those experiences in our microfinance sector to strengthen the financial inclusion in Cambodia."
Mr. Sok Voeun added that in this EMW event, the delegation of the Cambodian Microfinance Association presented the important efforts and initiatives in the financial sector in Cambodia, especially related to a responsible financial inclusion to investors, development partners and stakeholders.
In addition, the Association delegation also met with the Secretary General of the European Microfinance Forum (e-MFP) and the Social Performance Task Force (SPTF) to further strengthen cooperation and comprehensive partnership. The aim is to strengthen the responsible financial inclusion in Cambodia.
The European Microfinance Week (EMW) is a major forum for the inclusive finance and a forum for meeting professionals from the microfinance sector and financial professionals around the world. EMW is also a meeting forum for all sectors of the financial industry, including consultants, investors, service providers, national and international development agencies, NGOs and researchers. This program is attended by famous speakers and is widely recognized as a program with high quality discussion sessions and as an opportunity for good networking.
For EMW 2023, the program has more than 40 sessions on topics such as digitalization, agricultural finance, green & climate smart finance, food security and nutrition, with the participation of more than 600 stakeholders, such as investors, develop financial professional partners and financial institutions from about 50 countries around the world.
According to the report of the National Bank of Cambodia, as of the first quarter of 2023, the assets of microfinance institutions increased by 16.3% to 47.8 trillion riels (US $ 11.8 billion), of which client loans increased 14.8% to 40 trillion riels (US $ 9.7 billion) with 2.2 million accounts
These loans were provided to key sectors in the economy, including household 34% (growth 18.4%), trade and commerce 23.2% (15%), agriculture 17.6% (13.2%), services 13.4% (8.9%) transportation 4.2% (0.2%) construction 4.4% (14%) manufacturing 1.9% (30.8%) and other 1.3% (42.4%). Meanwhile, the microfinance sector received 20 trillion riels (US $ 4.9 billion) in deposits, equivalent to 2.7 million accounts.
The average interest rate of KHR and USD in MFIs tended to increase to 8.18% and 8.08%, compared to the same period last year (7.25% and 7.23%). Meanwhile, the average loan interest rate in KHR and USD also increased to 17.35% and 16.01%, and from 16.68% and 14.94% in the same period last year.
Publish date: November 17, 2023
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