Thai private sector encouraged to invest in Cambodia

PHNOM PENH, CAMBODIA, February 9 (TNA) - Bangkok-based KASIKORNBANK (KBank) has opened a new branch in Phnom Penh, while encouraging other Thai private businesses to also invest in Cambodia. KBank Managing Director Predee Daochai told journalists in Phnom Penh on February 8 that KBank's new branch in the Cambodian capital has targeted to initially provide loans to Thai businesses in Cambodia about 1.5 billion baht by the end of this year. Predee said KBank in Phnom Penh is also ready to support fund mobilisation for financing investment projects in infrastructure development, as well as in the manufacturing of clothes and processed food. Besides, payment services in both the Thai baht and the Cambodian riel, as well as business counseling are offered to Thai entrepreneurs investing in Cambodia, with their total capital of over one billion US dollars in 2016, most of whom are in the trading. service, infrastructure development and manufacturing sectors. According to the KBank executive, after initially providing loans of 1.5 billion baht to Thai investors in 2017, more loans of about 2 billion baht will be extended to Thai investors in Cambodia in 2018, along with expanding its financial services to Cambodian businesses and individual clients over the next 3-5 years. Meanwhile, Ronnadol Numnont, Deputy Governor of the Bank of Thailand (BOT), acknowledged that there is now a high demand for micro-finance in Cambodia, prompting several Thai commercial banks, including Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and KBank, to have opened their branches in the neighbouring countries.(TNA)