It is six years since the company transformed from a Local NGO, which never received funding from any donors, to a Licensed Micro Finance Institution operating under the umbrella of capital that is financed by the local founder shareholders. It is as hard as breaking-up a rock by using a fist to connect ourselves to the world in order to seek capital for expanding our operation quickly because of ongoing suspicion from funders.        
   
However, the company cannot operate on a  year-to-year basis; it needs to be developed rapidly through increasing the equity in order to integrate completely into the competitive market with other institutions with the objective of promoting the farmers’ and micro-entrepreneurs’ access to the acceptable lower cost financial services more easily to extend their operating activities.    

Our projected yearly business plan will struggle to succeed unless the employees and employers of CBIRD are willing bravely and diligently to overcome all obstacles as well as to commit totally to playing an important role in a team adhering to the guidelines of the Executive Committee. I expect each department to perform its respective job smoothly, effectively and efficiently thereby building trust from investors, stakeholders and prospective clients. 

Through effective practice, CBIRD can accomplish its better performance indicator by the second rating result of  from Micro Credit Ratings International Ltd in 2010 compared with  in 2008 by the same rating agency. We also got appreciation from Morison Kak & Associés every year of our best practices complying with laws and regulations although we still have some weakness in MIS. Fundamentally, we hope that CBIRD will truly operate better as soon as we get the necessary capital injection from foreign investors in the near future.      

At the same time, a few foreign investors appear interested and are primarily evaluating the possibilities of providing short-term and long-term loans in response to our application while Phillip Capital have promised to join with CBIRD in the future. LMDF Luxembourg and POEMS PTE LTD have been triggering the loans so far, especially Rural Development Bank started funding since we were a local NGO; the bank is still a big supplier of short-term funds to CBIRD.    

Our achievements in 2010 were a tribute to the effort of all local shareholders. The Board of Directors, Executive Committee and all Employees contributed their expertise to accomplish a large boost to this small institution which is rapidly becoming well known in the kingdom and all over the world.  This effort has also promised long-term sustainability in the forthcoming years. 

On behalf of the Board of Directors, I should like to thank the existing local shareholders who have opened their hearts in accepting growth of the company without concern for their own benefit in the future.  I should also like to include in my thanks the executive members and staff members across the branches who are actively performing their tasks complying with the guidelines and contributing to the institution’s prosperity and rural communities’ continuing success.

We also thank all national and international lending partners that have been continuing to offer the loans and have given good recommendations for strengthening the company  in its operations. Special mention must be made of the National Bank of Cambodia, the kingdom’s regulatory and supervisory body, which always encourages and controls the activities of CBIRD.

Furthermore, I would like to thank our Local Authorities that always support and closely cooperate with our institution as well as promote the prospective clients to expand their business activities in order to participate in poverty reduction according to the government strategic plan and ensure that all concerned obey the law and adhere to regulations.