The MOU Signing Ceremony between World Vision Cambodia & AMK on
“The Provision of Financial Services to the Commercialization of Aquaculture for Sustainable Trade”
World Vision Cambodia National Office, Phnom Penh, February 8th 2021, the Commercialization of Aquaculture for Sustainable Trade (CAST)’s World Vision Cambodia is establishing a partnership with AMK Microfinance Institution Plc. to facilitate access to financial services for the aquaculture sector in Cambodia, the forum will promote the dialogue for improved financial service among providers and potential clients.
The press conference is initiated by World Vision partnered with American Soybean Association (ASA) and AMK to support financial service for Commercialization of Aquaculture for Sustainable Trade (CAST). CAST is a U.S. Department of Agriculture Food for Progress funded project to accelerate production of farmed fresh water fish species for the Cambodian market and develop a lasting aquaculture industry.
The main objective of the partnership between WVI/CAST and AMK is to provide CAST beneficiaries with convenient and preferential financial services in Aquaculture sector. Primarily, it strengthens SMEs by improving access to finance which is needed for business growth. The activity supports systems change by helping finance actors better understand the risks and opportunities related to aquaculture and overcome the existing barriers that prevent greater lending to the sector. Secondly (and somewhat indirectly), this partnership contributes to improved access to inputs by supporting the growth and development of specialized companies. To support this, CAST will shape a financial dialogue forum with, sub-theme “Financial Service for CAST beneficiaries”.
Mr. Huot Sokha, Chief Commercial Business Officer of AMK said that “To promote the aquaculture sector in Cambodia, AMK has partnered with the Commercialization of Aquaculture for Sustainable Trade (CAST)’s World Vision Cambodia to provide financial services to individual stakeholders in the aquaculture sector to get extra capital to expand their business.” We acknowledge that CAST is a World Vision project that has experience, and techniques in developing of aquaculture sector in Cambodia so far.” He continued that “The establishment of this partnership will develop the aquaculture sector in Cambodia as a whole to another level and increase domestic fish production, as a result it will reduce fish imports. At the same time, it will improve the livelihoods of farmers as well as the Cambodian economy.”
For this event, WVI and AMK and the CAST project are inviting media friends to cover the story of this milestone partnership with AMK. Official from Fisheries Administration is invited to take a big part in the long-term agreement collaboration within Aquaculture sector and Financial Institution. There will be 30 other participants from farmers to post-harvest actors and the Cambodian Aquaculturist Association (CAA) board members and representative from ministry of agriculture.
AMK is a leading Microfinance Institution in terms of outreach and borrower numbers. As of December 2020, AMK has total client of over 900,000 customers, with a loan portfolio of almost USD 374 million, and deposits with over US$ 191 million and it also has 149 offices and over 5,000 agents nationwide. AMK provides a variety of financial products and services including Loan, Deposit, Money Transfer, and Micro-Insurance on health and accident, Bills Payment Services, Payroll, ATMs and CDMs, and Mobile Banking App.