Responding to the Cashew Nut Association’s appeal for eased loan terms, the Agricultural and Rural Development Bank (ARDB) has announced plans to allocate $30 million in 2024 to facilitate cashew nut purchases. This initiative is part of ARDB’s ongoing efforts to bolster agricultural development and support rural enterprises.

According to ARDB spokesperson Chan Seiha, the earmarked funds represent a continuation of the previous year’s budget rather than a new allocation. He emphasized that these funds are not exclusively for cashew production but also encompass other crops, such as rice, reflecting ARDB’s commitment to advancing various sectors within the agricultural industry.

CAC President Uon Silot expressed concerns over the loan terms’ complexity, hindering members’ ability to access timely financing for cashew processing. He urged ARDB and SME Bank to expedite fund disbursement and ease stringent conditions, particularly amid declining cashew prices, to stabilize the market and support domestic investors.

Secretary of State Phan Phalla highlighted the government’s support for cashew production through ARDB and SME Bank, with a $30 million loan already provided to the sector and an additional $30 million earmarked for the current season. The government’s initiatives aim to enhance cashew processing capabilities, boost exports, and address challenges faced by small and medium-sized enterprises in the industry.