MISTI forges partnership with SME Bank to boost access to finance and growth for local SMEs
MISTI forges partnership with SME Bank to boost access to finance and growth for local SMEs
The General Department of SMEs and Handicrafts of the Ministry of Industry, Science, Technology and Innovation (MISTI) and the SME Bank of Cambodia signed a Memorandum of Understanding (MoU) on June 27, 2024.
According to the MISTI, the partnership aims to enhance access to finance for SMEs and start-ups, supporting their efforts to stabilize and grow their businesses, thereby contributing to Cambodia’s socio-economic development.
This collaboration promises tangible benefits for SMEs. It will enable both parties to facilitate financing for SMEs, including sharing information to help businesses start, expand, or restore their operations sustainably. Moreover, it aims to provide benefits, including low-interest lending to SMEs in priority areas such as agro-processing, manufacturing, and tech start-ups.
In addition, both parties will work together to raise awareness about financing and compliance procedures for SMEs.
The MoU marks an important step towards supporting the SME sector in Cambodia. It emphasizes the importance of financial accessibility and the role of SMEs in the country’s economic growth and development.
