MoI Calls for Legal Compliance of Micro Credit Providers

Samdech Kralahom Sar Kheng, Deputy Prime Minister and Minister of Interior, has ncouraged full legal compliance among associations and non-governmental organizations (NGOs) operating micro credit.

The Cambodian DPM made the point when chairing a recent national workshop to disseminate the Law on Associations and Non-Governmental Organizations at the Ministry of Interior here in Phnom Penh.

According to the record shared by Samdech Kralahom Sar Kheng, only 155 of 620 associations and NGOs registered at the Ministry of Interior were certified by the National Bank of Cambodia for their micro credit operations.

Of the certified entities, 21 are associations and 132 are non-governmental organizations.

While lawful micro credit providers, especially in the rural areas, play significant roles in household and community development, deceitful services can slow down social and economic growth.

The interior minister also highlighted the role of his ministry to facilitate non-discriminately the legalization of micro credit providers toward further poverty reduction and economic growth of Cambodia.

Source: Agence Kampuchea Press