PHNOM PENH: SME Bank of Cambodia and the Cambodia Cashew Federation have signed a Memorandum of Understanding intending to promote the cashew processing sector and boost the export of Cambodian processed cashew nuts to international markets.

The MoU signing ceremony was held here on Dec. 5 in the presence of H.E. Dr. Lim Aun, Chief Executive Officer of SME Bank of Cambodia, and Mr. An Dara, President of Cambodia Cashew Federation.

Through this MoU, enterprises that are members of the Cambodia Cashew Federation can apply for affordable financial schemes from the SME Bank of Cambodia to expand their businesses.

H.E. Dr. Lim Aun stated that the bank's collaboration is a strategic initiative to bolster the growth of Cambodia's cashew sector.

“SME Bank of Cambodia views this MoU as a significant step towards addressing the challenges faced by the cashew industry, including processors and exporters, and propelling the cashew processing industry in Cambodia to new heights,” he emphasized.

For his part, Mr. An Dara expressed his optimism regarding the signing of this MoU which focused on the enhancement of the Cambodian cashew value chain, aligning with the national policy to foster the growth of the cashew sector.

Furthermore, it aims to increase the export of processed cashew nuts successfully and sustainably to global markets, he added.

Cambodia exported 422,482 tonnes of unprocessed cashew nuts abroad in the January-November period of 2023, a decrease of 10.14 percent compared to the same period last year, according to a report from the Ministry of Agriculture, Forestry, and Fisheries.