Cambodia Rice Federation (CRF) and state-owned Agriculture and Rural Development Bank (ARDB) have discussed the expansion of special loan from the government for paddy rice collection in the upcoming harvest season.
CRF President Mr. Song Saran said that in the forthcoming rice harvest season, at least US$300 million is needed to buy paddy rice to meet the export target of 800,000 tonnes.
Currently, ARDB has disbursed US$50 million to rice millers as special loan with low interest rate to buy paddy rice for storing and milling for export.
Mr. Song Saran said that CRF in the meeting held on Aug. 26 requested the bank to increase the special fund to US$80 million or to US$100 million this year.
ARDB’s Director-General H.E. Kao Thach said the bank will submit the CRF’s request to the government after assessment on the situation of harvest and estimated yield of paddy rice.
Last year, Cambodia exported 620,106 tonnes of milled rice to the international market, similar to the exported amount of 626,225 tonnes in 2018.
For the first seven months of this year, some 426.073 tonnes of Cambodian milled rice have been exported to foreign markets, up 38.33 percent compared to the same period in 2019.
Source: Agency Kampuchea Press