The SME Bank, a government initiative to enhance access to funding for local small and medium-sized enterprises, will come online late this year, a high ranking public official said.
Vongsey Visoth, Secretary of State at the Ministry of Economy and Finance, said the budget for the new institution has been completed.
He said the goal of the bank will be to promote the creation of new startups in the country, adding that it will focus on four main sectors – agriculture, manufacturing, tourism, and digital startups.
The bank will be managed by the Ministry of Economy and Finance, he added.
Te Taing Por, president of the Federation Association for Small and Medium Enterprises of Cambodia, said he is looking forward to the launch of the bank, which he believes will allow more local SMEs to expand their operations.
“It is one of several initiatives that the government has to support the SME sector,” Mr Taing Por said. “I expect that the bank will bring local SMEs plenty of opportunity to expand.”