CAMBODIA: MIME backs Kingdom SMEs

The Ministry of Industry, Mines and Energy is set to provide a total of US$800,000 to small and medium enterprises as part of an initiative to strengthen the sector’s technical and competitive strategy. As many as 30 companies would receive the financing; the most important help is to upgrade technological capacity. Eligibility for the first phase of funding was limited to food and beverage businesses with capital investments of up to $500,000 and with as many as 100 staff. Financing will range from $5,000 to $30,000, or up to 50% of an enterprise’s total properties. The first phase of funding would total $300,000, and about 10 companies would be selected through a lottery process to ensure transparency. Fourteen SME owners had applied for financing so far, the applicants were in Pailin, Kampong Speu, Pursat, Battambang, Kampong Thorn, Phnom Penh and Kampot. A review of applications for the first phase of financing began on January 20.

(The Phnom Penh Post)