PHNOM PENH: The Ministry of Agriculture, Forestry, and Fisheries has signed a memorandum of understanding with Chip Mong Commercial Bank to develop a budget package aimed at providing low-interest loans to modern agricultural communities.
Minister of Agriculture, Forestry, and Fisheries H.E. Dith Tina and Oknha Leang Meng, Co-founder of Chip Mong Company and Chairperson of the Board of Directors of Chip Mong Bank, attended the official signing of the deal on Aug. 26.
The initiative is designed to enhance farming efficiency and strengthen the competitiveness of Cambodian farmers.
H.E. Dith Tina highlighted that the loan package will play a vital role in helping farmers recover from recent challenges of dropping market prices, and by joining modern agricultural communities, farmers will gain access to affordable financing, enabling them to prepare for the upcoming cultivation season.
He further emphasised the benefits of community-based farming, noting that collective purchasing of fertilisers, medicines, and seeds will significantly reduce initial production costs, and this collaborative model not only improves efficiency but also fosters resilience among farming groups.
The Minister thanked Oknha Leang Meng for his continued investment in Cambodia’s agricultural sector, including efforts to support local farmers through the purchase of agricultural products in the past.
The partnership is expected to stimulate growth in domestic agricultural processing, ultimately enhancing the sector’s competitiveness on both regional and global stages.