One of China’s big three policy banks has contributed USD$100 million in funds for the development of small businesses in Cambodia, as part of a syndicated lending initiative led by the World Bank’s International Finance Corporation (IFC).
On 13 December, China Development Bank (CDB) announced that it had teamed up with other financial institutions led by IFC to provide a syndicated loan of $269 million to Cambodia’s ACLEDA Bank. Of this amount, CDB made a contribution of $100 million.
CDB said that the move marked the successful completion of its first syndicated loan with the World Bank in an offshore market in the ASEAN region.
The loan to ACLEDA will be used to support the development of small-and-medium sized enterprises in Cambodia, with at least $100 million to be used to support female-owned businesses.
“On this occasion, CDB and the World Bank used multilateral financial cooperation to provide financial support for driving the post-pandemic economic recovery of the ASEAN region,” a CDB official said to Chinese state-owned media.
“The goal is to fulfil our social financing responsibilities, and help implement the Global Development Initiative.
“The next step will be for CDB to continue to focus on the common establishment of key Belt and Road areas, strengthen cooperation with relevant international financial institutions, and make a new and active contribution by servicing the development of the shared community of humankind.”