PHNOM PENH, Feb. 2 (Xinhua) -- Cambodia’s Microfinance Institutions (MFIs) on Thursday reported 49 percent growth of loan disbursements last year, according to the report of the National Bank of Cambodia (NBC).
The kingdom’s 31 micro-lenders had lent 652 million U.S. dollars as of December last year, a 49 percent rise from 437.6 million U.S. dollars at the end of 2010, said the report.
The figures also showed that the number of borrowers had increased by 15 percent to 1.17 million from 1.02 million.
Cambodia sees microfinance as a key sector for poverty reduction in rural Cambodia and the sector has been well developed in recent years, Pal Buy Bonnang, director general of the NBC’s banking supervision department, said Thursday.
Generally, the maximum size of a loan the MFI lends is 10,000 U.S. dollars.
Thursday, February 2, 2012
Cambodia’s banks see sharp rise in loan demands last year: central bank report
PHNOM PENH, Feb. 2 (Xinhua) -- Loan demands from Cambodia’s banking industry had sharply increased in the past year thanks to increasing business activities, according to the report of the National Bank of Cambodia (NBC) on Thursday.
The kingdom’s 30 commercial banks had lent a total of 4.32 billion U.S. dollars by the end of 2011, an increase of 32 percent from 3.28 billion U.S. dollars at the end of 2010, showed the report.
Nguon Sokha, the NBC’s director general, attributed the well growth in lending to better economic situation.
“In general, the banking sector was quite stable and healthy last year,” she told Xinhua by telephone. “Most of the loans go to the sectors of trades, agriculture and tourism.”
She forecast that the country’s banking sector would grow another 30 percent this year in terms of lending.
According to the report, on the deposit side, the customers’ deposits at the commercial banks had increased by 20.5 percent to 4.7 billion U.S. dollars by the end of last year from 3.9 billion U.S. dollars in a year earlier.
The kingdom’s 30 commercial banks had lent a total of 4.32 billion U.S. dollars by the end of 2011, an increase of 32 percent from 3.28 billion U.S. dollars at the end of 2010, showed the report.
Nguon Sokha, the NBC’s director general, attributed the well growth in lending to better economic situation.
“In general, the banking sector was quite stable and healthy last year,” she told Xinhua by telephone. “Most of the loans go to the sectors of trades, agriculture and tourism.”
She forecast that the country’s banking sector would grow another 30 percent this year in terms of lending.
According to the report, on the deposit side, the customers’ deposits at the commercial banks had increased by 20.5 percent to 4.7 billion U.S. dollars by the end of last year from 3.9 billion U.S. dollars in a year earlier.
Cambodia’s inflation rate holds 5.5 pct in 2011
PHNOM PENH, Feb. 2 (Xinhua) -- Cambodia’s inflation rate stood at 5.5 percent last year, an increase of 1.5 percent from 4 percent in a year earlier, according to the report of the Finance Ministry on Thursday.
The rate was the same one forecasted by the Asian Development Bank, but lowered than the forecast by the International Monetary Fund and the World Bank at 5.7 percent and 7.5 percent respectively.
Soaring oil prices mainly drove up the inflation rate last year. A liter of premium gasoline goes for 1.4 U.S. dollars on Thursday, up 12 percent compared with this time last year.
The ministry predicted that the Consumer Price Index (CPI) inflation rate in 2012 and 2013 would be at 5 percent and 3 percent respectively.
The report also recorded that the Cambodian ‘Riel’ currency value remained stable last year compared to the U.S. dollar—at 4,040 riel against a U.S. dollars.
The rate was the same one forecasted by the Asian Development Bank, but lowered than the forecast by the International Monetary Fund and the World Bank at 5.7 percent and 7.5 percent respectively.
Soaring oil prices mainly drove up the inflation rate last year. A liter of premium gasoline goes for 1.4 U.S. dollars on Thursday, up 12 percent compared with this time last year.
The ministry predicted that the Consumer Price Index (CPI) inflation rate in 2012 and 2013 would be at 5 percent and 3 percent respectively.
The report also recorded that the Cambodian ‘Riel’ currency value remained stable last year compared to the U.S. dollar—at 4,040 riel against a U.S. dollars.
Tuesday, January 31, 2012
China-funded road inaugurated in Cambodia's northeastern provinces
MONDOLKIRI, Cambodia, Jan. 31 (Xinhua) -- Cambodia on Tuesday inaugurated a 127-kilometer China-funded road here, aiming at developing eco-tourism in Cambodia's far northeastern provinces.
The inaugurated national road No. 76 stretches from Kratie province's Snuol district to Mondolkiri province's Sen Monorom city.
The inauguration was presided over by Prime Minister Hun Sen and Pan Guangxue, Chinese Ambassador to Cambodia, and was also attended by top government officials, diplomatic corps, some 6,000 local people.
Speaking at the inauguration, Hun Sen said the construction of the road was begun in February 2007 by the China Road and Bridge Corporation as a cost of about 52 million U.S. dollars under the soft loan from the Chinese government.
"The road not only contributes to the development of Cambodia' s eco-tourism provinces, it also helps develop the triangle development area with Vietnam and Laos," he said.
"On behalf of the government of Cambodia and Cambodian people, I'd like to express sincere thanks to the government of China and its people for providing both grants and loans to Cambodia for social and economic development", said the premier.
"Today's achievements come from the close and sincere cooperation between Cambodia and China,"he said.
Pan Guangxue said that the road inauguration was a new symbol of good cooperation between China and Cambodia. "We believe that the road will help boost economic development and poverty reduction in Cambodia's eastern provinces,"he said. "China will still continue supporting Cambodia in infrastructure development projects."
The ambassador said that since 1992, the government of China has provided a total of 1.7 billion U.S. dollars in soft loans to Cambodia.
With the loans, more than 1,500 kilometers of roads in Cambodia have been constructed.
Meanwhile, the premier and the ambassador also broke ground for the construction of an extended national road No. 76 in the length of 172 kilometers from Sen Monorom city to Rattanakiri province under China's soft loan of 91.7 million U.S. dollars.
It will take 42 months to complete.
The hilly province of Mondolkiri is located some 386 kilometers northeast of Cambodia.
The inaugurated national road No. 76 stretches from Kratie province's Snuol district to Mondolkiri province's Sen Monorom city.
The inauguration was presided over by Prime Minister Hun Sen and Pan Guangxue, Chinese Ambassador to Cambodia, and was also attended by top government officials, diplomatic corps, some 6,000 local people.
Speaking at the inauguration, Hun Sen said the construction of the road was begun in February 2007 by the China Road and Bridge Corporation as a cost of about 52 million U.S. dollars under the soft loan from the Chinese government.
"The road not only contributes to the development of Cambodia' s eco-tourism provinces, it also helps develop the triangle development area with Vietnam and Laos," he said.
"On behalf of the government of Cambodia and Cambodian people, I'd like to express sincere thanks to the government of China and its people for providing both grants and loans to Cambodia for social and economic development", said the premier.
"Today's achievements come from the close and sincere cooperation between Cambodia and China,"he said.
Pan Guangxue said that the road inauguration was a new symbol of good cooperation between China and Cambodia. "We believe that the road will help boost economic development and poverty reduction in Cambodia's eastern provinces,"he said. "China will still continue supporting Cambodia in infrastructure development projects."
The ambassador said that since 1992, the government of China has provided a total of 1.7 billion U.S. dollars in soft loans to Cambodia.
With the loans, more than 1,500 kilometers of roads in Cambodia have been constructed.
Meanwhile, the premier and the ambassador also broke ground for the construction of an extended national road No. 76 in the length of 172 kilometers from Sen Monorom city to Rattanakiri province under China's soft loan of 91.7 million U.S. dollars.
It will take 42 months to complete.
The hilly province of Mondolkiri is located some 386 kilometers northeast of Cambodia.
Cambodia's PM hails China for robust economic performance in past year
MONDOLKIRI, Cambodia, Jan. 31 (Xinhua) -- Cambodian Prime Minister Hun Sen on Tuesday hailed China for its strong economic growth in 2011, saying China's progress has been considerably benefiting the developing countries.
"I'd like to congratulate China on its high economic growth of 9.2 percent in 2011, this is a high growth in Asia," he said during the inauguration of a China-funded national road No. 76 in Mondolkiri province, some 386 km Northeast of Phnom Penh, the capital of Cambodia.
"It's a success for China, while the global economic growth is in the uncertain situation due to the crises in the United States and the Europe," he added.
Hun Sen added that China's progress has not only helped China itself, but it has also benefited the world, especially the developing countries, which need capitals for development.
The premier also highlighted close and good relations and cooperation between Cambodia and China, saying "Cambodia is very lucky that has a good friend like China."
"I'd like to congratulate China on its high economic growth of 9.2 percent in 2011, this is a high growth in Asia," he said during the inauguration of a China-funded national road No. 76 in Mondolkiri province, some 386 km Northeast of Phnom Penh, the capital of Cambodia.
"It's a success for China, while the global economic growth is in the uncertain situation due to the crises in the United States and the Europe," he added.
Hun Sen added that China's progress has not only helped China itself, but it has also benefited the world, especially the developing countries, which need capitals for development.
The premier also highlighted close and good relations and cooperation between Cambodia and China, saying "Cambodia is very lucky that has a good friend like China."
Cambodia's ruling party wins majority in Senate race: preliminary results
PHNOM PENH, Jan. 29 (Xinhua) -- The ruling Cambodian People's Party (CPP) gained a majority in the Senate elections on Sunday, receiving up to 77.81 percent (or 44.3 seats) out of the total 57 seats, according to the preliminary results of the National Election Committee (NEC).
Sam Rainsy Party, which is the country's main opposition party, gained the remaining 21.93 percent (or 12.5 seats), it said.
"In general, the elections had been conducted with security and good safety," Im Suosdey, the NEC's President, said during the announcement of the preliminary results on Sunday afternoon.
The official results will be announced on Feb. 4 if there is no complaint from any political parties, but it will be postponed to March 5 if there is complaint, according to the NEC.
The Sunday's Senate elections were observed by 131 representatives of political parties, 1,432 national and international observers and 200 local and foreign journalists, according to the NEC.
Only two main political parties participated in the elections. They are the ruling Cambodian People's Party (CPP) and Sam Rainsy Party.
It was voted by 119 Members of Parliament and 11,351 commune councilors at 33 polling stations across the country.
Cambodia's Senate has 61 seats, but the election was held for only 57 seats as two senators will be appointed by the King and the other two by the National Assembly.
The Senate election is held every six years. The last one was in January 2006, at that time, three parties -- Cambodian People' s Party, royalist Funcinpec and Sam Rainsy Party -- joined the contest. As a result, the CPP won 45 seats, the Funcinpec 10 seats and the Sam Rainsy party two seats.
Sam Rainsy Party, which is the country's main opposition party, gained the remaining 21.93 percent (or 12.5 seats), it said.
"In general, the elections had been conducted with security and good safety," Im Suosdey, the NEC's President, said during the announcement of the preliminary results on Sunday afternoon.
The official results will be announced on Feb. 4 if there is no complaint from any political parties, but it will be postponed to March 5 if there is complaint, according to the NEC.
The Sunday's Senate elections were observed by 131 representatives of political parties, 1,432 national and international observers and 200 local and foreign journalists, according to the NEC.
Only two main political parties participated in the elections. They are the ruling Cambodian People's Party (CPP) and Sam Rainsy Party.
It was voted by 119 Members of Parliament and 11,351 commune councilors at 33 polling stations across the country.
Cambodia's Senate has 61 seats, but the election was held for only 57 seats as two senators will be appointed by the King and the other two by the National Assembly.
The Senate election is held every six years. The last one was in January 2006, at that time, three parties -- Cambodian People' s Party, royalist Funcinpec and Sam Rainsy Party -- joined the contest. As a result, the CPP won 45 seats, the Funcinpec 10 seats and the Sam Rainsy party two seats.
Cambodia to send 1st batch of medical personnel to South Sudan for humanitarian missions
PHNOM PENH, Jan. 30 (Xinhua) -- Cambodia will send a group of more than 200 medical personnel and military police to South Sudan sometime in March in order to help the country in humanitarian activities, a senior Cambodian military official said Monday.
"This is the first time and a new mission for Cambodia that we will send medics for overseas humanitarian activities under the United Nations global peacekeeping framework," Lt. Gen. Sem Sovanny, director-general of the National Center for Peacekeeping Force, Mine and Explosive Remnants of War Clearance at Royal Cambodian Armed Forces, told reporters Monday after he presided over a ceremony to send medical equipment and supplies, light and heavy vehicles and water tanks to South Sudan for medical missions.
"As scheduled, the shipment of all these things will arrive in South Sudan's Juba within 45 days," he said, adding "soon after they arrive, we will dispatch more than 200 forces including 76 experienced military medics and military police."
"This will be a new pride for Cambodia," he said.
Cambodia has firstly sent its troops to Sudan in April 2006 under the UN umbrella and the demining mission in Sudan was ended in September last year.
Beside this, the country has also sent troops to Chad, Central African and Lebanon for humanitarian missions.
Sem Sovanny said so far, Cambodia has sent 1,074 troops to these countries including 594 in Sudan.
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