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PM promises new bank for small businesses

Ven Rathavong / Khmer Times Share:
Prime Minister Hun Sen speaks with garment workers. Supplied

Prime Minister Hun Sen yesterday announced that the government will establish a bank for small and medium enterprises in order to promote economic growth and create more employment opportunities.

Mr Hun Sen said the new bank will provide loans for increasing productivity and creating more jobs for people.

“It is under consideration, but in my mind, I have already decided that we will establish a new bank for small to medium enterprises,” he said while speaking to thousands of garment workers.

“We will establish the bank to provide loans for SMEs in order to increase productivity and create more employment for our citizens,” Mr Hun Sen said.

Mr Hun Sen noted that SMEs are currently progressing rapidly, so the new bank will help improve their quality and enable them to be more competitive in the global market.

Furthermore, the bank will reduce unemployment and imports while increasing exports.

He added that this new bank will start its operation with $100 million of capital.

Te Taing Por, president of the Federation of Associations for Small and Medium Enterprises, applauded the decision, noting that entrepreneurs have been calling on the government to provide microfinance for SMEs for many years.

According to Mr Taing Por, there are about 530,000 SMEs in the country, but only around 38,000 were registered with the Ministry of Industry and Handicrafts.

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