ABA Bank inks MOU with Labor Ministry to offer low-interest loans for migrant workers
09/Aug/2024
ABA Bank, Cambodia’s largest commercial bank1, is honored to collaborate with the Ministry of Labor and Vocational Training (MLVT) to offer low-interest loans to legal Cambodian workers and trainees abroad.
Through this partnership, ABA Bank will offer loans at a low interest rate of 8.5% per year to Cambodian workers and trainees preparing for overseas employment. The loans are designed to alleviate the financial burdens associated with essential pre-departure processes, including document preparation, obtaining visas, and other vital services.
On Friday, August 9, 2024, the Memorandum of Understanding (MoU) exchange ceremony took place at the Peace Palace under the honorable presence of Samdech Thipadei Hun Manet, Prime Minister of Cambodia. Esteemed attendees included H.E. Heng Sour, the Minister of MLVT, Askhat Azhikhanov, the Chief Executive Officer of ABA Bank, and top management of seven other banks-participants of the Scheme.
By providing accessible and affordable credit, ABA Bank empowers Cambodian workers to embark on their overseas journey with confidence and financial stability. This initiative reflects the Bank’s unwavering commitment to the people of Cambodia, contributing to the country’s sustainable development.
ABA Bank remains steadfast in working with the Royal Government of Cambodia on the initiatives that drive long-term progress and empower the Cambodian people.
1ABA Bank is the largest commercial bank in Cambodia in terms of total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s Annual Supervision Report 2021-2023.
