The National Bank of Cambodia (NBC) and the Ministry of Women’s Affairs have entered into cooperation to create a more supportive financial environment for women and women entrepreneurs across Cambodia.

Their commitment to women’s economic empowerment was made through a Memorandum of Understanding, signed on May 27 by H.E. Mrs. Ing Kantha Phavi, Minister of Woman’s Affairs and H.E Mrs. Chea Serey, Governor of NBC.

The MoU aims to establish a framework for cooperation to further improve the financial environment for women and women entrepreneurs through the mainstreaming of financial and digital finance and economic empowerment by promoting a positive mindset and expanding partnerships to boost the financial environment for women and women entrepreneurs, said NBC governor.

The five-year MoU was signed to set out frameworks of this collaboration to further promote women access to finance and women’s economic empowerment, she said.

‘This will further encourage women and women entrepreneurs to access formal f
inancial services, as well as to take advantage of modern, smart and responsible digital services and prevent potential risks,” she said.

Women’s participation in economic and social activities through access and use official financial services to not only promote personal business but also to participate in achieving sustainable development goals, she added.

She stressed that the financial environment plays an important role in promoting economic growth, reducing inequality and poverty in Cambodia, especially for low-income and rural women.

For her part, H.E. Ing Kantha Phavi said that capacity and digital are important tools in building economic resilience for women and their families and they are more likely to earn a living.

This economic prowess has enabled them to be more effective and able to contribute to better personal and family well-being, she said.

The signing ceremony was also held to take the opportunity to celebrate the winning of the women’s ministerial award that Cambodia received in Ma
drid on the country’s efforts to promote access to digital financial services for women and its impact on their livelihood.

Source: Agence Kampuchea Presse