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24-Aug-2005
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PHNOM PENH, Sept. 20 (Xinhuanet) -- Cambodia's Canadia Bank on Monday signed two agreements with the International Finance Corporation (IFC) and the US Agency for International Development (USAID), aimed at strengthening the country's financial sector.

    Under the terms of the first agreement, IFC will provide Canadia Bank, the largest private bank in Cambodia, with a loan ofup to 5 million US dollars to support home ownership and expand its mortgage operations in Cambodia.

    The transaction is accompanied by a 600,000 US dollars technical assistance project funded by IFC and Canadia Bank aimed at strengthening its ability to deliver effective financial services in Cambodia.

    At the same time, USAID signed the 5 million dollar Micro and Small Enterprise Development Initiative agreement with Canadia Bank. Under the terms of the agreement, USAID will provide 50 percent guarantee coverage of up to 5 million dollars on loans that Canadia Bank intends to provide to small and micro finance businesses in Cambodia.

    "These agreements signed today will reinforce the (loans) trendfollowed since 2002," said Chea Chanto, governor of the National Bank of Cambodia. In 2003, loans granted by banks increased by 32 percent, and for the seven first months of the current year, loansincreased by more than 12 percent.

    "This progress clearly shows that confidence in the banking system is increasing and that economy gets more loans, essential for sustaining its development," Chea Chanto added.

    Canadia Bank was established in 1991. It is now the leading provider of financing to small and medium enterprises. Enditem

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