International Business News – The “Tourism Recovery Joint Financing Plan” launched by the Cambodian government has helped relevant tourism companies to obtain a loan of 25 million U.S. dollars, and the tourism industry gradually got rid of the impact of the epidemic and began to recover. This is the news released by Cambodian Small and Medium Enterprises Bank on 7th.
In May this year, the Cambodian government launched a $150 million financing plan to revitalize the tourism industry hit by the epidemic, of which $75 million was allocated by the Cambodian government through the SME Bank and the remaining $75 million came from participating financial institutions.
At present, the “Tourism Recovery Joint Financing Scheme” is progressing smoothly. Cambodian SME Bank sources said that the financial institutions have provided strong support for the recovery of Cambodian tourism by lowering the threshold for loans to tourism companies and accelerating the issuance of more and faster loans. By the end of September this year, a total of 188 tourism companies’ loan applications were approved, with a total amount of about 25 million USD. The Bank of Cambodia for Small and Medium Enterprises said that this figure also reflects the smooth process of financial institutions’ lending to tourism companies.
Meanwhile, the SME Bank of Cambodia noted that some financial institutions still need to be cautious in granting loans to tourism-related industries as there are some uncertainties in the current tourism recovery.
Under the impact of the new crown epidemic, Cambodia will receive only 196,000 inbound foreign visitors in 2021, a precipitous drop from 6.61 million in 2019 before the epidemic. In the first eight months of this year, inbound foreign visitors to Cambodia reached 998,000, a significant increase year-on-year.
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