ABA​ teams​ up​ with​ SME​ Bank​ to​ support​ Tourism​ Recovery​ Scheme​ with​ up​ to​ $20​ million

01/Jul/2022

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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