The Centre International du Crédit Mutuel (CICM), 30 years of international involvement.
Crédit Mutuel Kampuchea (CMK) is a program supported by Centre International du Crédit Mutuel(CICM), an international non-profit organization dedicated to promoting economic and social development in developing countries by offering everyone access to financial services, especially those excluded from the traditional banking sector. CICM is an association created in 1979 under the Crédit Mutuel Foundation that controls all the national corporate activities of the famous cooperative bank Crédit Mutuel in France.
Present in emerging countries for more than 30 years, CICM puts the emphasis on solidarity based values, on savings as a way to alleviate poverty and cooperative institution in search of sustainability. The criteria are the political, economic and cultural abilities of these actors sharing cooperative values rather than financial profitability.
Acting for the development of the local economies
The purpose of CICM is to collect local savings and to provide financial services to a developing economy. This is accomplished by developing sustainable institutions in technical, administrative, financial and political fields, either by creating a new financial cooperative movement or by supporting an existing one.
The mutual institutions developed by CICM aims to be autonomous and democratic with trained administrators as guarantees for their independence. CICM currently assists directly in Congo, Cameroon, Niger, Central African Republic, Burkina Faso, Philippines and Cambodia.
Crédit Mutuel Kampuchea (CMK) in Cambodia
Crédit Mutuel Kampuchea (CMK) is the result of a meticulous preparation by CICM in Cambodia: following several studies upon the request of the Ministry of Rural Development and the National Bank of Cambodia (NBC), CICM was officially invited by His Excellence KEAT CHHON, Minister of Economics and Finance, to build a financial cooperative in Cambodia. In 2004, it sets up mutual savings and Credit network in Cambodia, through the Cambodia Mutuel Savings and Credit (CMSC Network), which is now called Crédit Mutuel Kampuchea (CMK). Crédit Mutuel Kampuchea (CMK) is registered at the Ministry of Foreign Affairs and the National Bank of Cambodia (NBC). Its program currently consists of 10 branches in Phnom Penh and 10 in the provinces.