See below for more details regarding the Blue Illusion Cambodian initiative.
Phnom Prek Community Bank Project
About 70% of Cambodians have no access to formal banking and credit systems. As a result, most rely on informal money lenders who charge high interest rates, making it virtually impossible for them to improve their livelihoods. With access to loans, people can create small businesses, pay for agricultural inputs and transport their produce to market.
To promote income generation and business activity in a poor rural community by providing access to low interest, collateral-free loans through Vision Fund Cambodia, a licensed microfinance institution established by World Vision.
Around 10,000 farmers and small business owners, mostly women, and their dependents.
Small loans are provided to individuals and groups and used to pay for things like agricultural inputs, hire of machinery and transportation, and raw materials and stock. Community peer pressure acts as a powerful motivator to ensure that loans are repaid in full and on time. Interest received from loans is used to cover costs, with any remaining being used by Vision Fund Cambodia to increase loan capital and expand its clientele base.
Some of the world's poorest people are given the opportunities they need to increase their incomes and become self-sufficient in the long-term. We are truly honoured to be a part of this project and will provide regular feedback on its progress.
We welcome you to become involved with our ongoing fundraising efforts.