responsAbility and Prasac sign agreement for climate financing
Leading Cambodian microfinance institution to
introduce green lending
Zurich and Phnom Penh, 15 December 2016 — Cambodia’s leading microfinance institution Prasac has signed an agreement for a USD 20 million green lending facility with a responsAbility-managed fund focusing on climate financing. The facility that took effect in October 2016, enables Prasac to pioneer green lending in Cambodia by offering its customers financing in the areas of energy efficiency and renewable energy.
With a diversified portfolio and a nationwide presence, Prasac is Cambodia’s largest microfinance institution in terms of loan portfolio and deposits. In addition to its substantial rural client base, which accounts for 90% of Prasac’s borrowers, the institution also serves middle-income households and SMEs with lending, savings and payment products.
Through the lending facility, Prasac plans to offer loans that improve energy efficiency and promote the use of renewable energy. Given the institution’s outreach, the offering will target a very broad section of the population. Focus areas will include loans for energy-efficient agricultural equipment, household appliances and rooftop solar installations.
Prasac and responsAbility are working in close cooperation to develop a green lending programme suitable for low-income households and farmers, Prasac’s predominant client base.
Speaking on behalf of Prasac, Say Sony, SVP & Chief Marketing Management, said: “This partnership will enable Prasac to offer our strong customer base targeted climate financing. responsAbility’s experience in working with financing institutions across the globe to bring about green lending perfectly complements our extensive market know-how and outreach.”
Antoine Prédour, Head Energy Debt Financing at responsAbility, added: “Working with Prasac will allow us to promote energy efficiency improvements and the generation of renewable energy with a strong focus on the low-income section of the Cambodian population. Climate financing will play an important role in ensuring that the country’s strong economic growth and rising prosperity don’t impact the environment negatively.”
responsAbility Investments AG
Ulli Janett, Media Relations
Telephone: +41 44 403 06 33
e-mail: ulli.janett [at] responsAbility.com
Say Sony, SVP & Chief Marketing Management
Telephone: +855 23 220102
e-mail: saysony [at] prasac.com.kh ( )
About responsAbility Investments AG
responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments and offers professionally managed investment solutions to both private and institutional investors. The company supplies debt and equity financing to firms in emerging economies and developing countries.
responsAbility currently has USD 3.2 billion of assets under management invested in over 550 companies in 96 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.
PRASAC, Cambodia’s largest microfinance institution, helps Cambodian people improve their living standards by providing sound financial solutions for growth, such as loans, deposits, bill payments, money transfers, foreign exchange, payroll, mobile top-up with various distribution channels, namely its nationwide network with 181 branches, mobile and Internet banking, 116 ATMs, and 127 POS. As of November 2016, PRASAC had lent USD 994 million to more than 341,000 active borrowers, and mobilised deposits of USD 601 million from more than 488,000 depositors.