NBC-UN high-level multi-stakeholders convene on microfinance in Cambodia
NBC-UN high-level multi-stakeholders convene on microfinance in Cambodia
Chea Serey, Governor of the National Bank of Cambodia (NBC) and Jo Scheuer, United Nations Resident Coordinator in Cambodia, co-led the Second NBC-UN High-Level Multi-Stakeholder Convening on Microfinance in Cambodia at Raffles Hotel Le Royal in Phnom Penh on January 23.
The meeting was attended by technical experts from relevant ministries and institutions including the Banking and Finance sector and Non-Bank Financial Service Authority; development partners, IFC, AFD, ILO; representatives of the European Union; investors in microfinance, Incofin, Alterfin, DEG, FMO; and non-governmental organisations Oxfam and CENTRAL.
This second meeting aimed to update the progress of priority actions that have been upheld by multi-stakeholders since the first high-level meeting on July 12, 2024.
The meeting was a critical milestone in achieving both sides’ shared goals of strengthening the financial and banking ecosystem, supporting Cambodia’s sustainable development agenda, and ensuring economic stability.
Another objective of the meeting is to understand and resolve the issues that have been raised in lending, such as indebtedness and unprofessional confiscation that affects people’s livelihoods, the NBC governor said.
Some organisations, including LICADHO, which have often raised issues in Cambodia’s microfinance sector with the international media, have refused to participate in the mechanism to find solutions for the people, despite the facilitation of the UN.
