ACLEDA Bank Plc., the largest bank in Cambodia, announced that the China Development Bank (CDB), the world’s largest development finance institution, have signed a $130 million Long-Term Facility Agreement with the Bank.
Dr. IN Channy, President & Group Managing Director of ACLEDA Bank Plc. said that diversification of funding sources is very important to support sustainable and strategic growth of the Bank.
“As one of the listed companies in the Cambodian Stock Exchange, we can mobilize funding from the capital market to strengthen our capital, tap into savings and deposit from the financial market for short term funding need, and from the international funding institutions such as CDB to support long term growth of the Bank,” he said.
“With this $130 million long term facility from CDB, the Bank expects to reach out to at least another 5,000 small and medium enterprises.
Mr. Lyu Zhinan, Deputy General Manager of CDB Guangxi Branch, said that ACLEDA Bank is the main bank supporting the development of SMEs in Cambodia. He said CDB firmly believes that this credit cooperation will help more Cambodian SMEs to fight the epidemic and resume production, and will play a positive effect in promoting economic recovery of Cambodia.
“CDB is willing to develop further cooperation with ACLEDA Bank, undertake a more important role in promoting rapid economic growth and realising the true development potentials in Cambodia,” Zhinan said.
As of the end of March 2020, ACLEDA Bank Plc. had total assets of KHR25.01 trillion (or $6.15 billion), total loan outstanding of KHR16.22 trillion (or $3.99 billion) and total deposits at KHR17.69 trillion (or $ 4.35 billion).