Phnom Penh, 06th May 2021, the Global Climate Partnership Fund (GCPF) managing by ResponsAbility decided to offer LOLC (Cambodia) an honorary award of the outstanding organization dedicated to global climate change through green loans lending, focusing on solar and LPG three-wheeler, which contributes significantly to CO2 emission and energy saving. By the end of 2020, LOLC (Cambodia) has contributed to energy saving by 17% and CO2 emissions saving by 24%.
LOLC visualizes the impacts and has optimism to contribute to reducing the impacts on environment and climate changes by paying high attention to save fuel, electricity, and office supplies consumption throughout its all-branch offices nationwide. As of December 2020, 8.6K clients are using green lending products with a gross loan portfolio of US$ 20 Million. Moreover, LOLC contributed to CO2 emission and energy saving of about 70.8K Ton (24%) and 197.7K MKwh (17%) respectively.
“I would like to thank GCPF for this great honorary award. LOLC is proud to be one of many financial institutions, which can play an important role to promote the efficiency of energy consumption through green lending. LOLC will continue its commitment to provide Cambodians accessibility to green lending financial services,” said Mr. Sok Voeun, CEO of LOLC (Cambodia) Plc.
The Global Climate Partnership Fund is an investment company under Luxembourg law. It was established by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) and KfW Entwicklungsbank in 2009 as a public-private partnership and has since attracted investments from a number of public and private investors including ASN Bank, Ärzteversorgung Westfalen-Lippe, DANIDA, FMO, IFC, OeEB, Sparkasse Bremen, EIB and Heilsarmee. GCPF is managed by responsAbility Investments.
GCPF tackles the shortage of appropriate financing for low-carbon projects in developing economies by financing energy efficiency and renewable energy projects for SMEs and private households, primarily in cooperation with local financial institutions, but also directly. Through its Technical Assistance Facility, GCPF provides know-how and project support for partner institutions to develop their green lending portfolio and bring projects to fruition.
LOLC (Cambodia) Plc. is one of the largest microfinance deposits taking institutions in Cambodia, regulated by the National Bank of Cambodia and has been operating for more than 26 years. LOLC has been providing diversified financial products and services to customers such as loan, deposit, finance lease and local fund transfer throughout its network of 79 branches in the nationwide. As of December 2020, LOLC’s deposit balance reached to KHR 2,168 billion with almost 402 thousand depositors and total loan portfolio increased to KHR 3,462 billion with a total of almost 304 thousand loan customers.