Cambodia: Banking and financial institutions disbursed $44.9 billion in loans, an increase of 23 percent

• Dec 21, 2021

The National Bank of Cambodia (NBC) said that at the end of the third quarter of 2021, banking and financial institutions provided loans totaling 185.1 trillion riels or about $44.9 billion to agriculture, construction, manufacturing, services, wholesale and retail trade and household units. This accounted for a 23 percent increase when  compared to the same period last year.

NBC said that loans to the agricultural sector amounted to $17.5 trillion.

Kaing Tong Ngy, a spokesman for the Cambodian Microfinance Association, told local media that the increase could be a sign of a recovery in the Cambodian economy due to the need for credit to start a business.

He added that the MFI will continue to monitor carefully the trends in the sector to prevent any possible impact.

According to the spokesperson of the Cambodian Microfinance Association, for the provision of loans for microfinance by the end of September 2021, had increased to $8.218 million, an increase of about $600 million compared to the previous quarter, while the number of borrowers increased to 2,028,882, an increase of 51,116 compared to the second quarter of 2021.

Mr. In Chany, President and CEO of ACLEDA Bank, said that after the Royal Government reopened the economy, the bank’s lending has increased significantly. In October and November, loans increased by more than $100 million for the bank.

Source: https://www.khmertimeskh.com/50992206/banking-and-financial-institutions-disbursed-44-9-billion-in-loans-an-increase-of-23-percent/