ABA teams up with SME Bank to support Tourism Recovery Scheme with up to $20 million
ABA Bank, Cambodia's largest commercial bank1, teamed up with the SME Bank to provide financing assistance of up to $20,000,000 to support the impacted tourism-related businesses during the Covid-19 pandemic under the Tourism Recovery Co-Financing Scheme (TRCS).
Under this loan scheme, ABA is able to provide affordable loans to tourism sector with loans of up to $400,000, a special interest rate of 6.5% per annum and a term of up to 7 years.
The government launched the Tourism Recovery Co-Financing Scheme through the SME Bank of Cambodia with the support of 19 Financial Institutions to boost the recovery of the tourism sector after the pandemic. The joint effort focuses on tourism-related businesses whose operations or facilities were closed or defunct due to the effect of the Covid-19 pandemic.
Bibhu Pandey, Chief Credit Officer of ABA Bank, commented on the ABA Bank's participation in TRCS, "The Tourism Recovery Co-Financing Scheme will undoubtedly contribute to the recovery of Cambodia's economy as the tourism industry has always played a significant role in the development of the country.
"We believe this financing scheme will enable ABA to provide accessible loans to businesses such as hotels, guesthouses, restaurants, and other entities supporting the tourism industry to re-operate their business," he added.
1 ABA 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