OPINION: Microfinance in Cambodia has lifted millions of people out of poverty

In Channy is chairman of the Association of Banks in Cambodia and Kea Borann is chairman of the Cambodia Microfinance Association.

This opinion piece is in response to a recent investigation by the Thomson Reuters Foundation – Land to lose: coronavirus compounds debt crisis in Cambodia

The Cambodian credit industry has been in the spotlight recently with several reports from NGOs and in the media highlighting issues of debt burdens on Cambodian borrowers, especially in light of the economic downturn brought on by the global coronavirus pandemic.

The banking and finance industry in Cambodia delivers critical and sustainable financial services to a fast-developing nation. By striving to understand and analyze the needs and risks of each client, the industry aims to ensure individuals, families, communities and businesses have access to capital through formal lending.

Since the start of the coronavirus crisis in early 2020, Cambodia’s banks and microfinance institutions have restructured over 270,000 loans, to a value of more than USD$3.6 billion.

In full: https://news.trust.org/item/20201015144845-wp82n

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