Canadia, BIDC sign deal

CANADIA Bank signed a memorandum of understanding on Saturday with the Vietnamese-owned Bank for Investment and Development of Cambodia to cooperate on lending and investment activities. Canadia Bank CEO Charles Vann said the deal cleared the way for the two banks to provide syndicated loans, including a US$33 million loan due to be signed with the Rural Development Bank to help farmers and rice millers improve rice quality for domestic and export markets. BIDC provided $28 million; Canadia Bank $3 million; and the Foreign Trade Bank, which is part owned by Canadia Bank, $2 million.