ANK:CC - ANGKOR Advances Esg Programs with Indigenous Communities in Cambodia
(TheNewswire)
GRANDE PRAIRIE, AB – TheNewswire - October 18, 2022 - Angkor Resources Corp.(TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or“the Company”) announces advancing socialand governance programs with local indigenous communities ofRatanakiri province in Cambodia.
As part of its ongoing community development work withJarai Indigenous People and the Company’s commitment to thecradle-to-grave project ( the original pressrelease can be read here ), Angkor hascollaborated with the communities to address their number one concern:the crippling impact of overzealous microfinance loans.
In partnership with the Advanced Bank of Asia (ABA), which is owned by the National Bank ofCanada , Angkor has begun facilitating trainingin both Khmer and traditional dialects, arranging for educationaltraining in financial literacy (“FinLit” as ABA calls it),understanding money and credit, and the principles of financialmanagement, loans, and debt load.
Microfinance institutions (MFIs) have issued creditacross the country to some of Cambodia’s most vulnerable people athigh interest rates of up to 40% per year, leaving the borrower withimpossible terms and driving them deeper into debt.
Several articles have appeared in Cambodia’s mediaproviders to illustrate the impact MFI loans have had across thecountry:
Al Jazeera: Cambodia’s MicroloanSector under Scrutiny as Poor Drown in Debt
Licadho: IFC Watchdog Accepts Complaint overMicrofinance Abuses in Cambodia
The Diplomat: Is Cambodia's Government Ready toTackle the Problems in its Microfinance Sector?
Gordon Patterson, a Cambodia veteran andindependent project development manager in Ratanakiri province, hasworked with the Government of Canada and its Canadian Fund for LocalInitiatives (CFLI for SE Asia) to organize and report on theproject.
“The majority of the micro-loanborrowers have no idea what their agreement with the lender actuallysays,” comments Gordon. “The fees and penalties quickly becomemore than the principal finance amount, often leaving the borrowerwith double the amount of debt within six months of taking theloan.”
Instructor Conducts a “FinLit” session for local villagers inRatanakiri Province
“This program addresses both social needs andgovernance principles” says Delayne Weeks, CEO of Angkor. “Foryears, [a village’s] first request revolved around teaching English,but this past year the communities are expressing alarm at thecrippling debt they encounter with towering micro-financeloans.”
First steps were to collaborate with appropriateNGO’s and help find solutions that met community needs on theirterms. With several languages involved in the program, it becamevital to have trainers that spoke the local tribal language.
The ABA Bank has become an integral part of thetraining process and works with Angkor and Patterson’s team todeliver the program. ABA Bank does not participate in micro-financelending but instead focuses on helping small businesses andentrepreneurs undergo business planning as part of their lendingprograms. The bank also maintains a mandate that regulates itsinterest rates that normally run from 5% to 10% per year, depending onthe purpose, amount, and term conditions of the request.
Next steps for the project include discussions betweencommunities and MFIs to reduce interest rates, renegotiate the termsof the loans, and release collateral that included communal landtitles.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading resource optimizer inCambodia with multiple mineral licenses in the northern half of thecountry. In 2022, the company was granted the exploration,development and production onshore license for Block VIII, a 7,300square kilometre oil and gas license in Cambodia.
CONTACT:
Delayne Weeks, CEO Telephone: +1 (780) 568-3801
Email: info@angkorresources.com Website: http://www.angkorresources.com
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Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Company,including, but not limited to the potential for gold and/or otherminerals at any of the Company’s properties, the prospective natureof any claims comprising the Company’s property interests,the impact of general economic conditions, industry conditions,dependence upon regulatory approvals, uncertainty of sample results,timing and results o f future exploration, andthe availability of financing . Readers arecautioned that the assumptions used in the preparation of suchinformation, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements.
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