The funds will be used to expand USAID’s program for micro-, small- and medium-sized enterprises, which seeks to alleviate poverty by increasing productivity of family businesses.

The program has helped some 3,000 farmers increase their incomes between 100 percent and 340 percent, according to US figures.

US Ambassador Carol Rodley said the program would help thousands of Cambodians and would foster new relationships in the business sector.

Deputy Prime Minister Sok An said in a ceremony the economic crisis had diminished Cambodia’s capacity for high economic growth.

“Assistance provided by the international community is crucial for contributing to bringing high economic growth back on track,” he said.

The US expects to commit $61.8 million in assistance to Cambodia this year, as the country struggles in the wake of the global financial crisis. Some international agencies have warned the countries economy could contract this year, a stark reversal from the high rates it had enjoyed in recent years.

(The original article is from the VOA news)

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Outstanding loans were down at least $20 million for the first half of 2009, the first-ever decrease in nearly a decade, according to the Cambodian Microfinance Institutions Association.

That amounted to a decrease of about 4.4 percent, to about $426 million, according to the report, obtained by VOA Khmer. The number of borrowers also decreased by 400 people, the report found.

Huot Eang Tong, chairman of association, said micro-loans began to decline in early 2009, with less people borrowing as the global economic crisis took root in Cambodia.

“Less customers were looking for loans,” he said. “We could see that people were finding less income, their products couldn’t be sold and then they didn’t need capital to expand their businesses.”

Bun Mony, chairman of the Sathapana Microfinance Institution, said loans at his agency fell from $37.5 million in 2008 to $34.5 million in mid-2009.

“Since progress in the microfinance sector in 2000, this is the first time capital demand has fallen,” he said.

Microfinance lending plays a key role in the country’s economic development, providing small business owners with a means to improve or expand.

More than 1 million Cambodians use micro-credit schemes, borrowing less than $10,000, money that can make a big difference to the 30 percent of the population living below the poverty line.

The slowdown in lending forced the group Amret to implement restrictions in its lending procedures and limit the amount of loans to $40 million, about two-thirds of its previous $60-million cap, the institution’s general manager, Chea Phalarin, told VOA Khmer.

“With the realization that our economy is slowing down, money [lenders], such as families and banks, usually pay high caution with less confidence in providing loans,” said Chan Sophal, president of the Cambodian Economists Association.

Restrictions could hurt already low standards of living for the poor, but they also help financial institutions avoid risk.

While the number of loans has decreased, microfinance institutions did see a jump in deposits, which rose 16 percent in the second quarter of 2009 compared to the first three months of the year.

This could be because people would rather avoid risk in investment in businesses and would rather keep their money safely in accounts, Huot Eang Tong said.

(The original article is from the Voice of America News)

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Recently, two local Cambodian banks- Cambodia Public Bank and ANZ Royal- have been chosen to provide loans to small and medium business through a program, titled “Access for Finance for SMEs”, with the United Nation Development Program (UNDP) and International Trade Center (ITC). And the loans will be granted to 100 agricultural-related businesses by starting from October 2009.

During the implementation of 18-month-program, the UNDP is working with the International Trade Center to give technical support to banks and business. The Agence France de Development (AFD) will provide credit guarantees for two partner banks.

UNDP Assistant Country Director Wisal Hin said that “It is very important for SMEs to get formal loans from commercial banks to extend their growth,” adding that “To support policy development, we need to promote formal access to credit,” VOA news reported.

There are 96 percent of Cambodian business were micro-enterprises, but that the number of business with between 10 to 20 employees has been nearly doubled over the past two year, while those with over 20 employees increased by almost 200 percent, according to survey released in April by the International Finance Corporation and the Asia Foundation.

Financial management training and guidance to enterprises will be provided by two bankers, and they will be able to evaluate strength and weakness of the business.

Stephen Higgens, chief executive officer of ANZ Royal said that more and more customers will seek a loan from a bank rather than other sources, he added that “we make money, and they make money,” reported VOA.

Robert van Zwieten, director of capital markets and the financial sector for the Asian Development Bank, encouraged more banks to turn their eyes to small and medium businesses, continued newspapers.

“It’s going to be far more interesting when you provide loans to SMEs, because they grow quicker, and SMEs are seen as the biggest generators of jobs,” he told VOA Khmer by phone from Singapore. “As a bank, if you have done a great service to your respective customer then you will have a long relationship for a long time to come and hopefully a profitable one. It will be beneficial for the country.”

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The meeting came a day after the release of three highly critical reports on the state of the Cambodian economy from the UNDP, the World Bank, the International Finance Corporation and the Asian Foundation. The World Bank report showing that a lack of regulation, widespread corruption and a poorly skilled labor force are hampering business growth.

“A multitude of barriers are preventing Cambodia’s business community from gaining access to finance,” Cham Prasidh was quoted by the Cambodia Daily as saying.

“This will include a new facility to provide loans to SMEs in agriculture and agribusiness to be launched tentatively in fall, 2009,” the government said in a joint statement with UNDP and the International Trade Center, reported VOA.

According to the UNDP’s report, Cambodia has attracted an increasing amount of direct foreign investment in the past five years. And bankers say that funds are available for loans to be given to SMEs, throwing up the question as to why financing is not more accessible.

“Increasing Cambodia’s competitiveness is a necessity, not a choice, if the country is to sustain economic growth, reduce poverty and keep pace with its ASEAN neighbors,” the report by the UN Development Programme said.

“Cambodian SMEs are suffering from a shortage of credit, coupled with relatively high interest rates applied by banks to small businesses, resulting in, often, a lack of sufficient working capital for the enterprises,” Cham Prasidh said. “Access to finance is one of the major impediments in Cambodia to producers and exporters of commodities,” reported VOA.

According to the joint World Bank and IFC Investment Climate Assessment, these constraints on SMEs are having serious effects on the country’s economy, particularly as 93 percent of Cambodia’s business is defined as being a small- or medium-size enterprise, reported the Daily.

National Bank Director-General Tay Nay Im said local and international partners were giving training to smaller enterprises “by all means” to help produce “more reliable financial statements and applicable business plans” to help assess the risks of their businesses, reported VOA.

In Channy, CEO and president of ACLEDA bank, was quoted by the Daily as saying that “we have the funds and the bank is ready to lend.” He added that the ability of his bank to lend was considerable. At the end of last month, the bank had a total of $448 million in outstanding loans, of which $300 million belonged to SMEs.

The International Trade Center has negotiated with commercial banks to provide small loans, Roger Megelas, the center’s senior adviser for small and medium enterprises, told reporters Tuesday, reported VOA.

“SMEs must obey the laws and regulations when they are set up,” Tal Nay Im said, adding that taking those necessary steps would be the only way enterprises could gain the confidence of the banking sector, reported the Daily.

Roger Megelas said that “we reached two commercial banks which will begin to provide loans in October 2009,” adding that “We will provide loans to 100 small and medium enterprises,” reported VOA.

The World Bank’s second Investment Climate Assessment showed that corruption was the most pressing concern among 500 entrepreneurs in Phnom Penh, Siem Reap, Sihanoukville, Battambang and Kampong Cham provinces, as it was for a similar survey released in 2003, reported the Phnom Penh Post.

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This move showed Phnom Penh was clearly out of sync with the world’s major financial centres and impervious to the credit crunch that had forced New York, London, Paris and Tokyo into unprecedented crisis.

In a clear sign of Cambodia’s lack of integration into the global financial community, the National Bank of Cambodia (NBC) was taking measures to rein in a rapidly increasing money supply even as much of the developed world was trying desperately to increase liquidity.

Although Cambodia’s financial sector had escaped direct impact from the financial crisis – which hurt developed Asian economies such as South Korea – it was exposed to threats.

“Cambodia’s banks are not exposed directly to the fallout from the build-up of toxic assets in Western banks,” said the Economist Intelligence Unit (EIU) in its April outlook for Cambodia. “But they are vulnerable to domestic problems, including the recent bursting of the property bubble and the general downturn in the economy owing to the global slowdown.”

It was not the first time vulnerabilities had been pointed out. Following IMF consultations with Minister of Economy and Finance Keat Chhon and National Bank of Cambodia Governor Chea Chanto in Phnom Penh from late October to early November last year, the International Monetary Fund noted that the global crisis “has exposed vulnerabilities among Cambodia’s banks and is beginning to affect their financial soundness”.

When the financial crisis began to spread across the globe, Cambodian banks had continued to operate in their own world.

As lending continued to increase, in large part driven by heady returns in a booming property market, loans began to catch up with the strong deposit growth of recent years.

Lending overstretched
The IMF warned that the loan-to-deposit ratio had reached 100 percent in October, up from just 68 percent a year earlier with “a move toward more risky lending activities”.

Suddenly, South Korean construction companies, scared off by the worsening economic situation, withdrew their money and left, the IMF said, even as mortgage lending and consumer loans were expanding.

Non-performing loans (NPLs) were also being under reported: “Mid-year audits by the National Bank of Cambodia revealed NPLs [as a share of loans] higher by two percentage points than previously reported by banks,” the IMF said in February.

At the end of 2008, the EIU noted that outstanding stock of credit to the private sector had increased 54 percent over the year to 9.9 trillion riels (US$2.4 billion).

It has awarded Cambodia’s banking sector a CCC credit rating, which Fitch Ratings classifies as “a current perceived possibility of default”. At this level of risk Cambodia’s banking sector is considered to have a high level of outstanding credit given that other CCC-rated countries saw a median increase in credit over the year of just 23.8 percent, or less than half the rate of growth in Cambodia, the EIU said.

In its February report outlining these underlying problems, the World Bank noted that “two large banks” were threatened by NPLs while the IMF went further shortly afterwards, noting that “several large [banks] could face a large deterioration in credit quality and a need for recapitalisation”.

Both organisations have repeatedly refused to identify the banks in question, with International Monetary Fund resident representative John Nelmes reiterating that the IMF “does not discuss or speculate about individual banks”.

What is certain is that borrowing growth has fallen and NPL rates are up. Canadia Bank saw NPLs rise to 2.35 percent last year from less than half a percent the year before, according to bank data. The microfinance sector at the end of the first quarter said bad loans would rise to more than 1 percent this year.

“According to official data, the ratio of NPLs to total outstanding loans edged up slightly in 2008, to stand at 3.7 percent at the end of year,” the EIU said last month. “Non-performing loans will rise in 2009-10, although official data may not reveal the true extent of the problem.”

Cambodia’s high exposure coupled with a perceived lack of openness meant the financial system was beginning to attract negative attention, adding to underlying weaknesses.

“Confidence is obviously a key issue, and banks will be reluctant to reveal the true extent of non-performing loans if the situation is bad/worse than previously thought,” the EIU’s Cambodia analyst Danny Richards said in an email Wednesday. “However, an opaque banking system is also a breeding ground for rumour and negative speculation.”

The EIU has slowly increased its risk rating for Cambodia, from 68 out of 100 in December to 69 in January and up to 70 last month, the highest level in the past two quarters.

With loan-to-deposit ratios narrowing, banks are now looking to increase deposits, offering high rates to attract customers – the fixed deposit 12-month rate on dollars at Advanced Bank of Asia was 8 percent this week, ACLEDA was offering 7 percent, and May Bank, the lowest on the market, was offering 3.75 percent.

“The kicker is, higher deposit rates ultimately lead to high loan rates, which become a ‘tax’ on businesses and consumers,” James Lowry, ANZ Royal Bank’s head of corporate and institutional banking, said Thursday. “If borrowers’ capacity to service loans is impinged by higher interest rates, then people tend to borrow less or be restricted in how much banks will lend them, thus impacting lending activity.”

Cambodia found itself caught between a rock and a hard place. At the same time as banks faced narrowing loan-to-deposit ratios and mounting exposure to bad loans, domestic firms, and developers in particular, were crying out for financing as the economy teetered on the edge of recession. Where banks were willing to lend at all, money was not going cheap.

Many other countries have seen interest rates plummet – the US benchmark rate has been lowered to below 0.25 percent, Thailand’s rate has been slashed four times since December, and the Eurozone rate was predicted to be lowered to 1 percent this week, AFP reported.

In Cambodia, this has not been possible. Where other countries had been able to adjust interest rates to calibrate a response to the unprecedented failings of the global financial system, Cambodia’s dollarised economy meant that the NBC did not have the same tools at its disposal.

“The NBC lacks most of the conventional monetary instruments that other central banks have. Currently they use reserve requirements and intervention as their main monetary policy tools,” Nelmes told the Post in March.

Central bank response
As it became clear that Cambodia’s economic growth was beginning to decline, the NBC reacted in January by widening money supply, lowering the reserve requirement by 4 percentage points to 12 percent to boost liquidity. This time, it also introduced measures to improve oversight of loan quality, drawing praise from the IMF for its handling of the complex problems facing the financial sector.

A decrease in the reserve rate, a new temporary overdraft facility for banks suffering from dangerously low liquidity, increased supervision and improvements to the lending provisions system mean the central bank “deserves to be commended for strengthened efforts at managing the risks”, Nelmes said Thursday.

“A next step will be to introduce reforms that help to build an inter-bank market, so that banks can more easily trade liquidity among themselves to manage their liquidity needs.”

The question remains whether these measures will be sufficient to stave off the worst of the impact of the crisis on the domestic banking system.

A spate of balance sheets for 2008 released last month by Cambodia’s private banks showed nothing untoward, but it may not be until 2009′s results are released next year that we see the true impact of the crisis given the largely hidden nature of the underlying problems thus far.

“The lack of openness is clearly worrying – potentially storing up greater problems in the future in terms of taking action to clean up balance sheets,” said Richards.

(The original article is extracted The Phnom Penh Post)

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“Only small and medium-sized enterprises can be used as a tool to boost our growth,” said Kang Chandararot, director of the Cambodia Institute for Development Study.

He said that the size of the small business sector meant it was also able to absorb thousands of the 20,000 garment workers who have been laid off this year.

“SMEs are a big part of the economy. They represent around 65 percent of GDP and employ 85 percent of the whole Cambodian job market,” said Kang Chandararot.

“This is the perfect time for all relevant ministries to help local producers to be able to boost employment to strengthen the economy.”

He said that SMEs mainly use domestic resources – raw materials and villagers who keep income circulating within the local economy.

Mao Thora, a secretary of state at the Ministry of Commerce, said the government is working with the United Nations Development Program   to promote small businesses by seeking markets for processing factories, and evaluate agricultural products.

“[Small businesses] are hugely important for our economy in terms of employment and revenue-collecting,” said Mao Thora.

He estimated that 90 percent of Cambodian businesses are SMEs, adding that the Ministry of Commerce had plans to send representatives to China in May to find buyers for cassava products and to seek out experts to train local producers on standard packaging.

Heng Heang, president of the Phnom Penh SME Association, told the Post on Wednesday that the global downturn was starting to affect small businesses, but not as severely as the real estate sector.

“We are able to survive. We don’t see many people laid off yet, but growth is still fairly flat,” he said.

“If the government and bankers are able to promote SMEs at this time, it will help generate better growth for the economy,” he said, adding that because SME profits stay inside Cambodia, they can help strengthen and create other jobs.

“If a fish sauce factory keeps operating, it means fishermen and salt farmers have jobs, too,” he said.

Nguon Meng Tech, director general of the Cambodia Chamber of Commerce (CCC), echoed the call to focus on SMEs, adding that such business owners are better paid than garment workers.

“If you work in a family business, you don’t have to worry about food, medicine and accommodation, but as a garment worker you spend money on rent and other things,” he said.

However, he blamed some officials at the Ministry of Commerce who usually discourage local entrepreneurs by asking them to pay a fee for opening businesses.

He also called on Cambodian tycoons to give US$2 million in loans to the CCC to lend to Cambodian entrepreneurs at a low interest rate.

Opposition lawmaker Son Chhay said between 600,000 and 700,000 Cambodians have left the country to seek jobs in Thailand and other countries, many of whom would usually have ended up opening SMEs in Cambodia had they not gone.

“Take action quickly…. I guess about 1 million jobs have been lost directly and indirectly so far,” he said.

“Foreign investors aim to earn profits and go home. That type of business is not the kind of long-term investment Cambodia needs for sustainable growth,” said Son Chhay.

(The original article is extracted from the Phnom Penh Post)

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Increase in loans is important for agriculture sector

Increasing agricultural loans is in a bid to cushion the country from the global economic slowdown. Loans will provide extra money to expand the agricultural sector and help with the development of the economy.

Microfinance contributes significantly to Cambodia’s development since it is used primarily to support Small and Medium Enterprises (SME) as well as the agricultural sector. Although limited, credit for small farmers and for large entrepreneurs in agriculture exists and is available, mostly from microfinance institutions and specialized banks. Besides borrowing money from banks or micro-credit, Cambodian people are still depending on family, friends or individual lenders who charge high interest rates than banks.

In Channy, president of ACLEDA bank, said that he will increase agricultural lending to US$114 million next year, more than double the $56.4 million ACLEDA has loaned so far in 2008, The Phnom Penh Post reported.

Yang Sang Koma, president of the Center for the Study and Development of Cambodian Agriculture, said that “the credit that is currently available to Cambodian farmers is too restrictive. To help the agricultural sector grow, interest rate for loan to Cambodian farmers need to be lower and maturity period longer,” The Economic Today reported.

“The bank has issued $22 million in loans to support the agricultural sector, principally short-term loans at eight percent interest to farmers, Son Koun Thor, president of the government-owned Rural Development Bank, quoted by the Phnom Penh Post.

The government budget for agricultural in 2009 was small compared to other ministries and did not allocate sufficient resource to provincial level authorities for implementation of agricultural program, said Yang Sang Koma, quoted by the Cambodia Daily as saying.

Low interest loan targets individual farmers and farming association

Lending loans with low interest rate for agriculture sector is affordable for farmers. Prime Minister Hun Sen recommended the Ministry of Finance to encourage commercial banks to use the loans to boost national economic growth.

Economic Institute of Cambodia’s “the Cambodia Economic Report 2008” reported that “Interest rates on loans in Cambodian riels (CR) remained stable during the first half of 2008, varying between 19 percent and 22.46 percent in June depending on the length of the loan compared to from 19.01 percent to 22.26 percent in March.”

Microfinance entities reported an increase in credit volume and customers in the first semester of 2008. Micro Finance Institutions (MFIs) and Rural Credit Operators provided a total of CR 851 billion in credit and the number of borrowers reached about 672,725 people, which is a 25 percent increase over the second semester of 2007. MFIs and Rural Credit Operators received close to CR 23 billion in deposits from about 166,588 people, which is a 17 percent increase over the figure registered at the end of 2007, the report read.

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After the draft law passed by the National Assembly, entrepreneurs will be able to lease equipment directly from banks or leasing companies. It is expected that the draft law will be sent to National Assembly soon.

“if passed, it will be financial leasing that will help SMEs have access to the means of production, machinery, movable assets,” said Tal Nai Im, National Bank of Cambodia’s director general, quoted by the Cambodia Daily.

“It is a long-term contract between the lessee and the lesser to develop their business,” said she, adding that the leased equipment still belongs to the leasing institution.”

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