ASA/WISHH’s Commercialization of Aquaculture for Sustainable Trade-Cambodia (CAST) project announced a groundbreaking financial services partnership with Chamroeun Microfinance. CAST partner World Vision leads the initiative that will establish the first financial services program specifically designed for Cambodian aquaculture, creating new opportunities for fish farmers, processors, wholesalers, retailers, and other aquaculture enterprises. It will serve as a valuable force to grow the Kingdom of Cambodia’s aquaculture sector, which is important to the economy, as well as nutrition and health.
Chamroeun Microfinance Plc. (Chamroeun) is a client-protection certified microfinance institution (MFI). The institution is licensed by the National Bank of Cambodia (NBC) as a non-deposit-taking MFI. The mission-driven organization is focused on supporting micro-entrepreneurs by developing their income generating activities and improving their quality of life through access to adapted and integrated financial and non-financial support services.
CAST is a U.S. Department of Agriculture-funded Food for Progress-funded project that accelerates production of high-demand fish species for the Cambodian market and develops a lasting aquaculture industry. World Vision executes CAST’s financial services programs.
The main objective of the partnership between World Vision/CAST and Chamroeun Microfinance is to make convenient financial services available to CAST project beneficiaries. It will primarily strengthen small or medium-sized enterprises through greater access to guaranteed loans and other financial instruments needed for business growth.
To further support these opportunities, CAST will organize a discussion forum on the topic of “Financial Service for Project Beneficiaries.” CAST will also distribute digital brochures and short videos.
Caption: An employee at Raden Farms feeds silver barb fish in one of 10 ponds on this commercial-scale aquaculture operation in Kampong Thom Province. Raden Farms receives technical assistance from CAST; with a strong farm plan and recent sales records, the business is likely to be eligible for a loan from Chamroeun Microfinance.