PRASAC Microfinance Institution, Cambodia’s biggest MFI by outstanding loans, has received a US$2 million loan from the Netherlands Development Finance Company, according to a statement from Prasac.
Sim Senacheert, president and CEO of PRASAC speaks to the Post. Photo by Mai Vireak
“The loan was granted based on the conditions that Prasac further strengthened and improved their implementation of [client protection principles]” Tony Bakels, FMO’s Asia manager, said in the statement. CPP comprise a code of ethics for MFIs.
Prasac’s gross loan portfolio was $151 million at the end of 2011, a year-on-year increase of 43.6 per cent. It has 125,127 active borrowers. Earlier this month, Prasac said it hoped to become a commercial bank by 2014.
Source: http://www.phnompenhpost.com/index.php/2012031955101/Business/prasac-takes-2m-loan-from-dutch-firm.html