The Ministry of Economic and Finance on Monday launched the second SME Co-Financing Scheme that will provide easy access to loans for cash-strapped businesses impacted by the Covid-19 outbreak.

The government-initiated scheme is implemented with the support of participating financial institutions that will provide affordable financing to SMEs in priority sectors such as industries, services, and trade.

“The second SME Co-Financing Scheme initiated by the government, especially the Ministry of Economy and Finance, would not only support the government’s efforts to restore the economy from the pandemic.

“But also contribute to support SME sectors to provide convenient access to affordable financing in order to increase the economic diversification and to relieve to some extent the customers' burden during the hard-hit situation of the Covid-19 pandemic,” the Association of Banks in Cambodia chairman Dr In Channy said at the signing ceremony.

The second scheme involves $100 million — of which $50 million will be funded by the government-led SME Bank — while the balance will come from the participating financial institutions.