World Bank Chief: Impact of Micro financePosted: 06/08/2007
Photo by: Chor Sokunthea
The success of the micro finance industry in Cambodia is remarkable given the challenging business environment and the difficulty of reaching rural and remote areas, World Bank chief Robert Zoellick said at a 2-day visit to the country.
‘I am delighted that the Bank Group has been able to help ACLEDA grow from an NGO to a licensed financial institution that now provides working capital to small business owners, more that two-thirds of them women,’ Zoellick added.
“We hope to help ACLEDA expand its successful service to other areas, too.”, he said.
Mr. Zoellick visited a small business client of one such institution, ACLEDA Bank, whose borrowers include artisans, service providers, shopkeepers and market traders, said theCambodia Office release on 05 August 2007.
The private sector arm of the Bank Group, the International Finance Corporation, has supported ACLEDA since 1999, and seen it grow into the country’s second-largest bank, reaching 181,000 people through 166 branches in all 24 provinces, it added.
In the past decade, micro finance has transformed Cambodia’s young and undeveloped finance sector and, in the process, provided important financial services to small businesses, reaching almost a fifth of all Cambodian households.