Politics

Cambodia's Canadia Bank signs finance agreements with IFC, USAID

PHNOM PENH -- Cambodia's Canadia Bank on Monday signed two agreements with the International Finance Corporation (IFC) and the US Agency for International Development (USAID), aimed at strengthening the country's financial sector. Under the terms of the first agreement, IFC will provide Canadia Bank, the largest private bank in Cambodia, with a loan ofup to 5 million US dollars to support home ownership and expand its mortgage operations in Cambodia. At the same time, USAID signed the 5 million dollar Micro and Small Enterprise Development Initiative agreement with Canadia Bank. Under the terms of the agreement, USAID will provide 50 percent guarantee coverage of up to 5 million dollars on loans that Canadia Bank intends to provide to small and micro finance businesses in Cambodia. Posted by Editor at September 23, 2004 07:59 AM