OPIC and ACLEDA Bank Plc. Sign Commitment to Support Lending in Cambodia
August 24, 2016
Phnom Penh — August 24, 2016 — ACLEDA Bank Plc., The Bank For The People, The Bank You can Trust, today announced that the Overseas Private Investment Corporation (OPIC), the U.S. Government's development financial institution, signed a commitment letter for US$125 million direct loan to ACLEDA Bank Plc., a leading commercial bank in Cambodia to support all sectors through micro, small and medium enterprises (MSMEs). The project seeks to generate economic growth, employment, and goods and services in the Cambodian private sector.
Dr. IN Channy, President & Group Managing Director of ACLEDA Bank Plc. said that "Long term finance from OPIC is significance for ACLEDA Bank Plc. to reach out more Micro, Small, and Medium Enterprises throughout Cambodia those who are in need of financial facilities to start and/or expand their businesses as well as to leverage their revenues. Furthermore OPIC Finance does form diversified sources of strategic funding for ACLEDA Bank Plc. as the market leader in financial industry."
"We are pleased to be working with ACLEDA on this facility" said Elizabeth L. Littlefield, OPIC President and Chief Executive Officer. "The OPIC facility will allow ALCEDA to expand their micro, small and medium enterprises portfolio which will permit the development of more sustainable businesses in Cambodia to improve the quality of life for thousands of Cambodians."
OPIC is the U.S. Government's development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.
About ACLEDA Bank Plc.
ACLEDA Bank Plc. has sustainably providing financial products and services for more than 24 years for all segment of the community – both private and public sectors through 258 branches throughout Cambodia, 41 branches and offices in Laos, and 6 branches and offices in Myanmar with the total assets over US$4.34 Billion, loans outstanding of US$2,722 million, and savings & deposits of US$3,085 million by end of July, 2016. Currently, ACLEDA Bank Plc. has five subsidiaries which are ACLEDA Bank Lao Ltd., ACLEDA Securities Plc., ACLEDA Institute of Business, ACLEDA MFI Myanmar Co., Ltd., and ACLEDA Properties Ltd.; and one representative office in Myanmar.
ACLEDA Bank Plc.
Mr. PROM Visoth, Executive Vice President & Group Chief Legal Officer and Corporate Secretary
Sandra Niedzwiecki, Press Secretary