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CSIP Executive Director, Dr. Oum Sothea, Speaks in The Conference on Financial Inclusion for Cambodia Women Entrepreneurs
Friday, 11 March 2022– CSIP Executive Director, Dr. Oum Sothea, provided the presentation and discussion in the conference on “Financial Inclusion for Cambodia Women Entrepreneurs” co-hosted by the UN Development Programme (UNDP) and the Credit Guarantee Corporation of Cambodia (CGCC), on March 11, 2022 at Hyatt Regency Phnom Penh.
The conference aims to discuss existing challenges in financial inclusion and harness collective intelligence and knowledge on enhancing access to finance for women-led micro, small, and medium enterprises (MSMEs).
Dr. Oum Sothea, author of UNDP’s upcoming report on the ‘Cambodia Public Credit Guarantee Scheme for Small and Medium-Sized Enterprises and Women-Owned Small and Medium Enterprises’, presents the main challenges for MSMEs to access finance are, in order of severity, the problematic requirement for collaterals as loan securities, stringent lending requirements which do not consider MSMEs business operation, high interest rates, short loan repayment periods, and weak MSMEs overall management capacity and keeping of quality financial and other supporting documentation.
The report estimates that for every US$100 million invested in agriculture, an approximate $221 million would be generated as GDP and 48,737 jobs would be created (17,348 for women). The return on investment from the hospitality sector was estimated at $201 million, with 16,226 potential jobs created (1,130 for women).
Dr. Oum Sothea also provide the gender analysis on MSMEs in the context of COVID-19 impacts, coping strategy, SME prospects over next six months and financial literacy.
H.E. Ros Seilava, Secretary of State of Ministry of Economy and Finance and
Chairman of Credit Guarantee Corporation of Cambodia (CGCC), and Ms. Alissar Chaker, UNDP Resident Representative, provide welcome remarks. H.E. Oknha Keo Mom, President, Cambodia Women Entrepreneurs Association (CWEA), provides the opening remark.
About UNDP Cambodia
UNDP has been in Cambodia for more than 50 years now, operating from 1958 to 1975, resuming in a limited capacity in 1980 contributing to emergency relief operations, and formally establishing its offices in Phnom Penh in 1994 with the signature of the Standard Basic Assistance Agreement (SBAA). We are currently implementing a new Country Programme Document 2019-2023, which has been endorsed by the Letter of Agreement between the Country Office and the Royal Government of Cambodia.
UNDP aims to enhance the government’s ability to deliver public services to the population in an efficient, effective, equitable and accountable manner, to consolidate a participatory democracy with a responsible civil society and to create an enabling environment for inclusive growth, private sector development and sustainable use of natural resources. UNDP supports Cambodia to achieve the Sustainable Development Goals (SDGs) by 2030.
CSIP envisions a “Center for Research Excellence, nationally and internationally renowned to advance strategic policy towards peaceful, prosperous, and harmonious Cambodia and the region”. CSIP has a mission to “promote rigorous academic research and evidence-based policy-making process for sustainable development of Cambodia.”