In an effort to contribute to poverty reduction and sustainable national economic growth, Prime Minister Dr. Hun Manet has called upon all banking sectors in Cambodia to explore the possibility of offering comprehensive services. These remarks were made during the official inauguration ceremony of the Wing Tower, the central head office of Wing Bank, on December 20, 2023.
Acknowledging the importance of small and medium enterprises (SMEs) in driving economic activity, the Prime Minister urged banks to consider extending more credit to these enterprises. This would help alleviate financial pressure, ensure stability, and promote economic activity in the country.
Furthermore, Prime Minister Hun Manet instructed banks to expand lending to the agricultural sector, with a particular focus on rice production. The aim is to increase the export of high-quality Cambodian rice to international markets, promote sustainability, and strengthen food security. Through a coordination mechanism, the financing program will support production, conduct market research, and maintain reasonable prices for key agricultural products.
Addressing the financial challenges faced by the tourism sector, especially in Siem Reap, the Prime Minister urged banking and financial institutions to restructure loans. This initiative seeks to provide much-needed support to help revive the tourism industry.
To enable banking and financial institutions to play an even more significant role in supporting companies and private enterprises, Dr. Hun Manet suggested that the National Bank of Cambodia should explore appropriate measures to ease certain prudent regulations. This would allow the sector to continue its crucial support to businesses across the country.
The Prime Minister’s vision aligns with Cambodia’s goals of reducing poverty and promoting sustainable economic growth. By expanding access to comprehensive banking services, providing credit to SMEs, boosting rice production, and supporting the tourism sector, Cambodia can enhance its economic resilience and contribute to the overall development of the nation.
It is evident that Prime Minister Dr. Hun Manet firmly believes in the transformative power of the banking sector, emphasizing its vital role in driving economic growth, reducing poverty, and fostering a prosperous future for Cambodia.
Source: Khmer Times
