Amret, Milestones

Milestones

Milestones


Amret, as a leading microfinance institution in Cambodia, was formerly known as "EMT". Its historical background is as follows:

1991:	GRET, a French NGO, sets up an experimental project to deliver microcredit to the rural population of Cambodia. The first experimental phase (EXPE I) is launched, with a single financial service known as Solidarity Credit (SC).

1995:	Initialization of a second experimentation phase (EXPE II). SC is modified under new procedures while an Individual Credit (IC) product is launched. Meanwhile, GRET plans to transform the project into a microfinance institution.

1996:	Conception of the name Ennatien Moulethan Tchonnebat (EMT).

1998	End of EXPE I. All activities are transferred to EXPE II. As EMT becomes operationally self-sufficient, a new organizational chart is designed that transfers management responsibilities from technical assistants to local staff.

1999:	1999: EMT borrows from commercial banks for the first time.

2000:	2000: EMT becomes a private limited company, "Ennatien Moulethan Tchonnebat Ltd.", with a registered share capital of KHR 330 million from 2 shareholders, GRET and SIDI.

2001:	EMT receives its MFI license from the National Bank of Cambodia.

2002:	EMT legally admits two new shareholders, Proparco and La Fayette Participations and considers investing in a new Management Information System (MIS). EMT launches a Certificate Deposit (CD) product in two branches.

2003:	EMT redesigs Individual Business Loans to meet market needs, and lowers the interest rate from 4% to between 3.5% and 3.0%, according to loan amounts. Conclusion of permanent expatriate technical support. I&P join EMT as a new shareholder.

2004:	EMT is renamed "Amret" on June 14, 2004.

2005:	Amret rolls out a new MIS "Microbanker Windows Version". Amret diversifies individual loans into (1) -Business loan, (2) -Educational loan, (3) -Home improvement loan, (4) -Household consumption loan. Amret introduces the front-office operations - the conventional banking operations where the borrowing clients come to institutional branches.

2006:	A new shareholder invests in Amret, namely Advans SA SICAR (Advans).

2007:	Another new shareholder invests in Amret, namely Botta - the staff investment company.

2008:	Through a capital increase of KHR 14.2 billion , Amret welcomes three new shareholders: Proparco, FMO and Oikocredit and two shareholders are exiting: SIDI and I & P. Advans increases its stake to 31.3 % and to 35.3% with LFP a related party, and becomes Amret's lead shareholder.

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