Phnom Penh, Cambodia, February 16, 2016—IFC,
a member of the World Bank Group, is providing a syndicated loan of $50
million to ACLEDA Bank Plc. to boost lending to small and medium enterprises,
of which at least half will support women-owned enterprises.
With this funding, ACLEDA Bank Plc. aims
to increase its outstanding portfolio of loans to women-owned enterprises
to more than $1.5 billion by 2019.
“Women-owned businesses are an important
part of the economy, but their access to financing is still limited,”
said Dr. In Channy, President & Group Managing Director of ACLEDA Bank
Plc. “This long-term funding will help ACLEDA Bank Plc. strengthen its
existing SME business, reaching many more women-owned SMEs to help them
grow and expand in the next four years.”
The loan is part of the Women Entrepreneurs
Opportunity Facility, a new global facility dedicated to expanding access
to capital for women entrepreneurs. The WEOF was launched by IFC’s Banking
on Women program and Goldman Sachs 10,000 Women in 2014. The facility
aims to help close the credit gap for women-owned enterprises around the
“More than two-thirds of nearly 10,000 formal
women-owned SMEs in Cambodia face difficulties in obtaining loans from
financial institutions, leaving a financing gap of about $172 million per
year,” said Kyle Kelhofer, IFC’s Country Manager for Cambodia, Laos and
Vietnam. “We share with ACLEDA Bank Plc. a common objective of providing
the resources women need to grow their business, empowering them to reach
their potential, and contribute further to Cambodia’s economy. Expanding
lending to women-owned SMEs will help ACLEDA Bank Plc. establish itself
as the gender finance leader in the Mekong region.”
The $50 million financing package consists
of $30 million from IFC on its own account and $20 million from the French
banking group, BRED Banque Populaire, the joint mandated co-arranger.
“Access to capital is a major obstacle to
growth for women entrepreneurs,” said Noa Meyer, Managing Director and
Global Head of 10,000 Women. “Research by Goldman Sachs shows that
closing this gap could increase per capita income by around 12 percent
by 2030. This new partnership will place more capital in the hands of women
entrepreneurs in Cambodia, who will drive future economic growth and job
ACLEDA Bank Plc. has been a longstanding
IFC client since IFC made an equity investment in the bank in 2000. The
partnership has enabled ACLEDA Bank Plc. to reach more than 2.5 million
of the poorest people in Cambodia and support micro and small businesses
throughout the Mekong region.
IFC’s Banking on Women program is playing
a catalytic role in helping financial institutions meet the needs of women
entrepreneurs in a sustainable and profitable way. Since its launch in
2010, the program has made 33 investments globally totaling almost $1 billion.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
About ACLEDA Bank Plc.
ACLEDA Bank Plc. has 05 subsidiaries such as ACLEDA
Bank Lao Ltd., ACLEDA Securities Plc.,
Training Center Ltd., ACLEDA MFI Myanmar
Co., Ltd. and ACLEDA Properties Ltd. By the end of January 2016,
ACLEDA Bank Plc. has total assets of USD 3,910 million, loan outstanding
USD 2,522 million, and deposit USD2,662 million. ACLEDA Bank Plc. will
expand its operations into the ASEAN region and countries along the Mekong
River. For more information, visit www.acledabank.com.kh.
About Goldman Sachs 10,000 Women
The Goldman Sachs 10,000 Women initiative
is a campaign to foster economic growth by providing women entrepreneurs
around the world with a business and management education and access to
capital. The initiative has reached women from across 56 countries through
a network of 100 academic, nonprofit, and bank partners. In partnership
with the International Finance Corporation (IFC), Goldman Sachs 10,000
Women launched a $600 million facility in 2014 to enable 100,000 women
entrepreneurs to access capital.
About BRED Banque Populaire.
BRED Banque Populaire is the largest regional bank within the BPCE Group
in France and the 22nd biggest banking group worldwide by assets. BRED
has been investing in South East Asia since 2008, in Thailand, Laos, Cambodia,
and Myanmar, and started its partnership with ACLEDA in 2012. This financing
emphasizes BRED’s commitment to Cambodia and its support of SMEs and women-owned
enterprises. For more information, visit www.bred.fr