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IFC, ACLEDA Bank and Goldman Sachs 10,000 Women Partner to Boost Lending to Women-Owned SMEs in Cambodia

Bangkok, Thailand, May 30, 2016 —IFC, a member of the World Bank Group, and Goldman Sachs 10,000 Women today announced an investment of $70 million in ACLEDA Bank Plc as part of a $160 million syndicated loan for women owned small and medium enterprises in Cambodia. This loan is part of the Women Entrepreneurs Opportunity Facility, the first-of-its-kind global facility dedicated to expanding access to capital for up to 100,000 women entrepreneurs. It was launched by IFC, through its Banking on Women program, and Goldman Sachs 10,000 Women in 2014.
Over 40 percent of Cambodia’s SMEs are owned or managed by women, yet the vast majority of them are either unserved or underserved. To address this credit gap, a total financing package of $160 million consisting of $70 million from IFC on its own account and $90 million from Bangkok Bank Public Company Limited and Kiatnakin Bank Public Company Limited and Cathay United Bank Co., Ltd. has been put together as a syndicated loan.
“Fifty percent of SMEs borrowers in ACLEDA Bank Plc’s current portfolio are women,” said Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc. “Long-term capital is critical for us to reach even more women-owned small and medium enterprises, particularly in rural areas, where many do not have access to credit.”
“The outreach and network that ACLEDA Bank has established over the years makes it an effective partner in promoting new products such as critical gender focused financing for MSMEs in Cambodia.” said Vivek Pathak, IFC Regional Director for East Asia and the Pacific. “IFC is also pleased to support regional integration of the banking system through this loan, providing greater liquidity to Cambodia and introducing systemic banks like ACLEDA to new investors.”
“Research has shown that investing in women entrepreneurs can drive significant global growth and opportunity and improve societies.  We are pleased that our partnership with IFC has catalyzed new investments from both the public and private sectors, helping to close the credit gap globally,” said Noa Meyer, Managing Director and Global Head of 10,000 Women. “Access to capital remains a major obstacle to growth for women entrepreneurs and this new loan to ACLEDA Bank will place more capital in the hands of women entrepreneurs in Cambodia, who will drive future economic growth and job creation.”  
The Goldman Sachs 10,000 Women and IFC Facility aims to help close an estimated $285 billion credit gap for women-owned businesses around the world. Goldman Sachs research shows that closing this gender credit gap could increase per capita income in emerging markets by around 12 percent by 2030. To date, the Facility has made $500 million in commitments to financial institutions in 15 emerging economies that will enable women entrepreneurs to access the capital they need to grow their businesses.
ACLEDA Bank Plc. has been a longstanding IFC client since IFC made an equity investment in the bank in 2000. The partnership has enabled ACLEDA Bank Plc. to reach more than 2.5 million of the poorest people in Cambodia and support micro and small businesses throughout the Mekong region. This is IFC’s second funding commitment to Acleda Bank Plc in 2016 for addressing the financial gap that women face in Cambodia.
IFC’s Banking on Women program is playing a catalytic role in helping financial institutions meet the needs of women entrepreneurs in a sustainable and profitable way. Since its launch in 2010, the program has made 33 investments globally, totaling almost $1 billion and undertaken 27 advisory projects.
“Kiatnakin is pleased to be part of the syndicated loan for Acleda Bank and especially proud of the fact that the loan will contribute to the expansion of small businesses in Cambodia,” said Aphinant Klewpatinond, CEO& President of Kiatnakin Bank Plc.
This new partnership deepens Goldman Sachs 10,000 Women’s commitment to women entrepreneurs. Since 2008, 10,000 Women has provided business and management training to over 10,000 women around the world.  Globally, eighteen months after completing the training program, nearly 70 percent of participants have reported increases in revenue and nearly 60 percent have added new jobs.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit .
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About ACLEDA Bank Plc.
ACLEDA Bank Plc. has 05 subsidiaries such as ACLEDA Bank Lao Ltd. , ACLEDA Securities Plc., ACLEDA Institute of Business , ACLEDA MFI Myanmar Co., Ltd. and ACLEDA Properties Ltd. By the end of April 2016, ACLEDA Bank Plc. has total assets of USD 4,289 million, loan outstanding USD 2,732 million, and deposit USD2, 964 million. ACLEDA Bank Plc. will expand its operations into the ASEAN region and countries along the Mekong River. For more information, visit .
About Bangkok Bank
Established in 1944, Bangkok Bank is one of the largest regional banks in Southeast Asia with total assets of approximately Baht 2,835.8 billion. Bangkok Bank is Thailand's market leader in corporate and SME banking with the country's largest retail customer base. It has 17 million accounts including business and retail customers, approximately 240 business centers and business desks, and a nationwide network of over 1,200 branches. Bangkok Bank has the largest overseas branch network of any Thai bank and is the only Thai bank with a substantial presence in China. The bank has 32 overseas branches and subsidiaries located in 14 economies.
About Cathay United Bank
Cathay United Bank (CUB) is a wholly owned subsidiary of Cathay Financial Holding Company (Cathay FHC). CUB has successfully built a solid brand in Taiwan’s domestic market and is now aggressively expanding its banking business throughout Asia. Cathay FHC is listed on the Taiwan Stock exchange and is the country’s largest financial conglomerate with total assets of $233 billion and market capitalization of $17.9 billion at the end of 2015. CUB is rated A-/A-2 and A2/P-1 by S&P & Moody’s respectively, both with stable outlooks.  
About Goldman Sachs 10,000 Women
The Goldman Sachs 10,000 Women initiative is a campaign to foster economic growth by providing women entrepreneurs around the world with a business and management education and access to capital. The initiative has reached women from across 56 countries through a network of 100 academic, nonprofit, and bank partners. In partnership with the International Finance Corporation (IFC), Goldman Sachs 10,000 Women launched a $600 million facility in 2014 to enable 100,000 women entrepreneurs to access capital.
About Kiatnakin Bank
Kiatnakin Bank Plc., a member of Kiatnakin Phatra Financial Group, has extensive experience amounting to over 40 years. The Bank provides a full range of financial and investment services and offers excellent products and services to support customers. Kiatnakin Bank has a strong base of capital funds. As of March 2016, the institution reported a Tier 1 capital ratio of 16.2 percent and a total capital ratio (BIS ratio) of 18.9 percent - above the Bank of Thailand (BOT)’s minimum requirements of 6 and 8.5 percent, respectively. Kiatnakin Bank Plc. is listed in the Stock Exchange of Thailand (SET) as "KKP." For more information, visit