My story
Cambodia has made great strides over the past two decades in reducing its poverty rate (minimum income to cover basic needs) from 47.8% of the population in 2007 to 13.5% in 2014.
This has been primarily driven by the rice market (rising rice prices and improved transportation).
Despite this progress, around 70% of the population still does not have access to a piped water supply, and 32% of children suffer stunted growth due to malnourishment.
Cambodia is a challenging country to make an impact with microfinance due to a government cap on the level of funds that can be disbursed in the form of microfinance loans. Capital projects, such as our hophouse, are exempt from the cap so do not impact the available loan funds.
How Microlend helped
Microlend Australia raised an incredible $131,000 at our charity dinner to purchase a shophouse premises in Phnom Penh, Cambodia.
The shophouse was purchased off the plan and is currently under construction with completion expected
in mid-November 2021.
Once complete, the shophouse will consist of three levels with retail space on the first (ground floor) and two floors of either office or residential space above.
PPC Cambodia (Microlend Australia’s local microfinance center) will occupy the first and second floor for their own operations, and will lease out the third floor to generate rental income to fund locally-owned enterprises serving the community.
In addition, by owner-occupying, PPC Cambodia will save on rent paid on its current premises, availing additional funds for local microfinance projects.
