GCPF AND PRASAC PROMOTE GREEN GROWTH IN CAMBODIAThe Global Climate Partnership Fund and Cambodia’s leading microfinance institution PRASAC are teaming up to promote “Green Lending and Green Growth” in Cambodia. A one-day event held on 24 May in Phnom Penh brought together stakeholders from the public and private sectors for an active discussion on how to facilitate the promotion of green technologies.
In 2016, the Global Climate Partnership Fund (GCPF) signed a USD 20 million green lending facility with Cambodia’s leading microfinance institution PRASAC. Through the lending facility, PRASAC is offering loans that improve energy efficiency and promote the use of renewable energy.
Given the institution’s outreach, the offering targets a very broad section of the population. Focus areas include loans for energy-efficient agricultural equipment, household appliances and rooftop solar installations.
“We’re happy that we could demonstrate that green investments are a viable market for financial institutions in Cambodia.”Pen Sovannsoksitha
Underlining his company’s pioneering role in Cambodian green lending, he added: “PRASAC’s energy efficiency loan portfolio was USD 7 m in 2017, with 430,000 l of Diesel saved annually."
Sathish Dhanapal, Energy Specialist for GCPF’s Asia Pacific operations, added: “We are proud to celebrate this important milestone in our partnership with PRASAC in promoting green lending in Cambodia. We hope this event will create a platform for practitioners to share their knowledge and to address challenges in implementing green lending.”
“It's important to make customers understand that energy efficient equipment creates real monetary value for them - not just cost.”
“Clients are moving up the energy ladder, aspiring to (better) access to electricity.”Harsh Patnaik
“Quality equipment is key in this market – choose your partner carefully.”
Sahil Khanna of Green Light Planet