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Logo of Phnom Penh Post newspaper Phnom Penh Post - Amret to get $40 million from IFC to expand microfinance loan portfolio

Amret to get $40 million from IFC to expand microfinance loan portfolio

| Publication date 30 April 2018 | 11:45 ICT

Amret Deputy CEO Dos Dinn in his office in 2016.
Amret Deputy CEO Dos Dinn in his office in 2016. Hong Menea

Amret to get $40 million from IFC to expand microfinance loan portfolio

The International Financing Corporation has proposed giving $40 million in loans to Cambodian microfinance institution Amret to help it expand its loan portfolio.

The financing package is intended to support increasing financial access to small businesses in Cambodia, especially farmers and women borrowers, according to Friday's investment disclosure from the global funding body.

The project is still awaiting approval from the group's board of directors.

The IFC, the financing body of the World Bank, has supported Amret in the past, acquiring a 19.9 percent stake in the MFI in March 2015 and providing $50 million in financing in February 2016.

Amret’s majority shareholder is the Luxembourg-based Advans Group, which holds a 53 percent stake in the company. The IFC and Netherlands-based FMO each hold about 20 percent.

Last week, Amret announced plans to partner with insurance giant AIA to offer insurance policies to its more than 400,000 customers in Cambodia.

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