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Phnom Penh, 20 December 2012
—IFC Capitalization Fund has made its first investment in Cambodia via a $40 million subordinated loan to ACLEDA Bank Plc to support the bank in extending more financing to micro, small and medium enterprises as well as its regional expansion.
"IFC’s subordinated debt will support ACLEDA’s continued efforts to offer financing to small and medium enterprises that are the backbone of the Cambodian economy,” said In Channy, CEO of ACLEDA Bank Plc, the largest Cambodian bank by assets and a leading microfinance lender. “It will also enhance our ability to mobilize additional long-term funding from private investors in order to support ACLEDA Cambodia's growth plan domestically and in neighboring countries.”
ACLEDA Bank is a longstanding IFC client. In 2000, IFC became a shareholder of ACLEDA Bank, with a 12.25 percent stake, and appointed a director to the bank’s board. IFC provided capital for the bank’s regional expansion into Lao PDR through an equity investment in its subsidiary ACLEDA Bank Lao Ltd., which provides a range of financial services and products to small and midsize enterprises. IFC also advised ACLEDA Bank on its risk management.
“We are pleased to partner with ACLEDA to help extend financial services to customers who may otherwise not be able to obtain the financing needed to do business and improve living standards,” said Marcos Brujis, head of the IFC Capitalization Fund. “The loan will provide capital for the bank’s regional expansion into Lao People’s Democratic Republic and Myanmar to serve more businesses. We look forward to strengthening our partnership with an established local player and helping it develop in the fast-growing Cambodian economy.”
Cambodia has been one of the world’s fastest-growing economies over the past decade and the World Bank expects it to grow 6.6 percent this year.
IFC Capitalization Fund is a global equity and subordinated-debt fund founded by IFC, a member of the World Bank Group, and the Japan Bank for International Cooperation. The fund, managed by IFC Asset Management Company, a wholly owned subsidiary of IFC, aims to support banks considered vital to the financial system of emerging-market countries.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About IFC Asset Management Company
IFC Asset Management Company LLC, a wholly owned subsidiary of IFC, invests third-party capital, enabling outside investors to benefit from IFC’s expertise in achieving strong equity returns, as well as positive development impact in the countries in which it invests. It has $4.5 billion of assets under management including the $3 billion IFC Capitalization Fund, the $1 billion IFC African, Latin American, and Caribbean Fund and the $182 million Africa Capitalization Fund.
About Japan Bank for International Cooperation
Japan Bank for International Cooperation (JBIC) is a policy-based financial institution wholly owned by the Japanese government. JBIC has the purpose of contributing to the sound development of Japan and the international economy and society, by taking responsibility for the financial function to promote the overseas development and securing resources which are important for Japan, to maintain and improve the international competitiveness of Japanese industries and to promote the overseas business having the purpose of preserving the global environment, while having the objective of supplementing the financial transactions implemented by ordinary financial institutions. JBIC also provides the financial services that are necessary to prevent disruptions to international financial order or to take appropriate measures with respect to damages caused by such disruption. For more information, visit
www.jbic.go.jp/en
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About ACLEDA Bank Plc
ACLEDA Bank is one of Cambodia’s leading retail banks and the largest provider of micro credit. It has 238 branches and offices throughout Cambodia, 28 branches and offices in Lao PDR, and one branch in Myanmar with total assets of more than US$1.9 billion by end of November 2012. The bank has four subsidiaries, namely ACLEDA Bank Lao Ltd., ACLEDA Securities PLC, ACLEDA Training Center, and ACLEDA MFI Myanmar Co., Ltd. It plans to expand its operations within the ASEAN region and in countries along the Mekong River. ACLEDA was the first Cambodian bank to receive a credit rating from Standard & Poor and is rated B with a stable outlook. For more information, visit
www.acledabank.com.kh
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