LOLC (Cambodia) Plc microfinance institution on Wednesday signed a memorandum of understanding (MoU) with the Cambodia Agricultural Cooperative Alliance to provide financial support for those involved in the farming production chain.
In addition, LOLC will share financial education with members of the Agricultural Cooperatives and Union of Agricultural Cooperatives.
The microfinance institution will also provide payment services to members of both organisations through LOLC's iPay Mobile App and savings accounts, making it convenient for the members.
LOLC CEO Sok Voeun said: “I am very pleased to sign the memorandum of understanding between LOLC Cambodia and the Cambodia Agricultural Cooperative Alliance. This signing ceremony is the beginning of a new chapter in the formal cooperation between both parties."
Cambodia Agricultural Cooperative Alliance chairman Oknha Hang Sokun said: "This is very important for the agricultural sector in Cambodia, especially the Agricultural Cooperatives and the Union of Agricultural Cooperatives receiving responsible and appropriate financial services from LOLC."
The MoU is a step forward in developing a strong and sustainable agricultural sector in Cambodia by assisting members engaged in the agricultural business in the Kingdom, he added.
LOLC's financial training will cover loan management to guide members in managing their cash flows effectively.