Prasac Microfinance Institution
- Active: Active
- Region: Asia & Pacific
- Country: Cambodia
- Sector: Microfinance
- Year: 2013
- Domicile: Cambodia
- Instrument: Loan
- Commitment (MNOK) as of 31.12.2019: 307.3
- Original Commitment (MNOK): 355.8
Norfund is a part of syndicate lender group providing senior debt to PRASAC, which is one of the biggest microfinance institutions in Cambodia. In Dec 2019, Norfund has provided subordinated loan to PRASAC to strengthen its Tier 2 capital. Norfund's loan will promote access to financial services for low income households in the Country.
PRASAC is the largest microfinance institution in Cambodia with a mission to provide sustainable access to financial services for rural communities and micro-enterprises in Cambodia. The company evolved from a project sponsored by the European Union and three ministries of the Cambodian government in 1995. Among its peers, PRASAC has the largest branch network that covers more than 75% of 14,000 villages in the country. PRASAC provides mainly individual loans (97%) to micro, small and medium sized companies. At the end of 2012 PRASAC had almost 2,000 employees and nearly 140,000 clients.
Cambodia is one of the poorest countries in South-Asia with low levels of financial access. The majority of the loans provided by PRASAC are to rural clients with nearly 70% of borrowers being women.
The shareholders are BIO (Belgian DFI), Dragon Capital (Vietnam), Lanka Orix Leasing Company (Sri Lanka) and FMO (Duch DFI). The PRASAC Staff Company owns 10%.