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Sunday, January 29, 2012

USAID and Thaneakea Phum Launch Partnership to Improve Agricultural Finance for Cambodians

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AKP Phnom Penh, January 27, 2012 –

The U.S. government is partnering with Thaneakea Phum (Cambodia) Ltd. to facilitate US$ 2.71 million in loans over the next four years to underserved farmers and micro, small, and medium agricultural enterprises operating in the provinces of Battambang, Kampong Thom, Pursat, and Siem Reap, according to the US. Embassy’s press release today.

The formal agreement establishing the partnership was signed yesterday between the U.S. Agency for International Development (USAID) and Thaneakea Phum at a ceremony at the U.S. Embassy in Phnom Penh.

“The American people are proud to encourage private-sector lending in Cambodia to support rural agriculture. This is vital to fostering economic development and strengthening rural livelihoods in the country,” said Chargé d’Affaires, a.i., Jeff Daigle.

This new collaboration will help Thaneakea Phum issue loans that are larger in size and with longer repayment schedules. Strengthening the ability of domestic microfinance institutions to lend to underserved populations will enable farmers and owners of smaller agricultural enterprises to improve their lives, reduce poverty, and spur rural regional growth, the press release said.

Michael Spingler, Chairman of the Board of Thaneakea Phum said Thaneakea Phum (Cambodia) Ltd. is entering into this new partnership to improve access to finance for rural agriculture generally because we believe that the future of this country’s economy lies in agriculture and agro-related products and services. 

The loans generated through this program will support the objectives of the U.S. government’s Feed the Future strategy and demonstrate the U.S. commitment to supporting food security and economic growth in Cambodia. By increasing affordable access to finance, especially for farmers and micro, small, and medium enterprises, this program will advance the efforts of both the U.S. and Cambodian governments to reduce poverty and malnutrition.

By KHAN Sophirom


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