The Microfinance Institution Amret launched its new standard building’s provincial office in Kampong Cham province on August 1, 2014 in the afternoon, while the microfinance and bank institutions have mushroomed throughout Cambodia.
With strong support from its customers, and close collaboration with the National Bank of Cambodia (NBC) and the local authorities at all levels, the Microfinance Institution Amret grows rapidly and expand its coverage areas in 22 provinces and cities, with 120 branches, throughout the country in order to provide financial services to their valued customers.
In the occasion of the launching ceremony, Mr. Chea Phalarin, CEO of Microfinance Institution Amret said that Amret was established in Kampong Cham province since July 1999, and now Amret has been operating its financial service program all over districts and cities in Kampong Cham province of 501 villages and 87 communes.
Mr. Chea Phalrin went on to say that all achievements Amret has achieved so far, and continued to grow in her financial history is because Amret, a leading financial institution in Cambodia has followed its vision sharply, which contributes greatly to improve and uphold the living standard of Cambodian people, and to the socio-economic development in Cambodia.
His Excellency Umphoeun Kunvath, Deputy Governor of Kampong Cham province, in this opening ceremony, also expressed that in reality the banking sector and the microfinance institutions have played an important role to the economic development of Cambodia because they can mobilize financial resources, which are put into economic activity, in any business and production, and can eventually generate incomes. Kampong Cham province is one of the provinces in Cambodia that has great potential economic activity, especially the agriculture sector, which inevitably requires financial services from the banks and microfinance institutions. On the other hand, all deposits, saving, loans and credits are safe for both depositors and bankers. For those who receive loans for startup business, the business has to grow profitably.
He expressed his sincere thanks, appreciation and warm welcome to Amret who has launched this new standard building in Kampong Cham. Truly, this shows the strong and sustainable development the country is currently experiencing. The financial investment significantly contributes to the economic development of the country, and in Kampong Cham province in particular.
In this auspicious occasion, His Excellency Kim Vada, Director General of Banking Supervision of National Bank of Cambodia (NBC), said that in order to ensure the firm safety of the entire banking and finance sector, the National Bank of Cambodia will continue to strictly control the financial flow and regulate them well. Therefore, this requires full and close collaboration from all commercial banks and all microfinance institutions that are currently operating their businesses in Cambodia, making sure that they respect the principles of the customer protection well. In so doing, the customers will have full confidence in this sector, and therefore, deposit their money in the banks or in the microfinance institutions.
It is to note that Amret was established through a credit project of a French’s non-governmental organization called “Great” in 1991, and up to 2014, the Microfinance Institution Amret employs 2,901 staff members. It has fixed assets of $3០8 million US dollars, and total loans of $258 million US dollars are in hands of its 330,000 customers. In addition, the balance sheet of deposits is $128 million US dollars, and 160,000 saving accounts are currently in operation with Amret Microfinance Institution. The great result contributes greatly to improve and uphold the living standard of Cambodian people and the economic development in Cambodia.