Bank loans

ACLEDA Bank lends $1.21 billion to boost agriculture

ACLEDA Bank said it provided substantial loans to the agricultural sector amounting to $1.21 billion in June 2022.

At the ag business matchmaking meeting, In Channy, Group Chairman and CEO of ACLEDA Bank Plc, said the aim of the event was to create opportunities for local and foreign investors – Japanese investors in particular – to meet for business networking and investment in the agricultural sector in Cambodia.

“Cambodia is one of the fastest growing economies in the region. The agricultural sector has played a central role in socio-economic development and employs a large majority of the labor force in Cambodia. Agriculture today plays a vital role in ensuring sustainable food security and nutritious products for Cambodia and other countries around the world,” he said.

He added that the Cambodian government has prioritized agriculture as a key sector for development. In order to participate with the government in promoting the agricultural sector, ACLEDA Bank granted $1.21 billion in loans to the agricultural sector in June 2022, representing 20.75% of the bank’s total loan portfolios.

Since the bank has provided massive lending to the agricultural sector, the Japan International Cooperation Agency and Sumitomo Mitsui Banking Corporation provided a $135 million co-financing loan to ACLEDA Bank for further lending to the agricultural sector in Cambodia.

Meanwhile, ACLEDA Bank and the Public Agricultural and Rural Development Bank (ARDB) have also provided co-financing loans of up to $40 million to the agricultural sector.

ACLEDA Bank is one of the largest banks in Cambodia, providing agricultural loans through its extensive branch network and serving rural communities in particular.