Korea Exchange Promotes Cow Bank Support Project in Cambodia

On the 22nd, Korea Exchange signed a business agreement with The Right Hands at the Exchange's Seoul office to jointly promote the 'KRX Cow Bank' project aimed at increasing income and supporting economic independence for impoverished families in Cambodia.

(From left) Son Jeong-bae, Executive Director of The Right Hands, and Hwang Woo-kyung, Secretary General of the Korea Exchange National Happiness Foundation, are taking a commemorative photo after signing a business agreement.
[Photo by Korea Exchange]

The KRX National Happiness Foundation of the Exchange will provide project funds amounting to 39 million KRW, while The Right Hands will be responsible for the overall operation of the project, including selecting and managing beneficiaries.

This Cambodia KRX Cow Bank project involves lending funds for purchasing cows (worth approximately 800,000 KRW per household) free of charge for three years to vulnerable farming households, and after the support period ends, recovering the loan to provide revolving support to other impoverished farming families. In addition to supporting cow purchase funds, the Exchange plans to provide comprehensive support such as feed supply, barn improvement, vaccinations, livestock and income management education to create an environment where impoverished families can achieve stable self-reliance.

The Exchange has been conducting the KRX Cow Bank project since 2018 and has supported a total of 31.5 million KRW to 315 impoverished farming households in Vietnam up to this year. Through this, the incomes of participating households have increased, and support for secondary impoverished families through repayment of cow purchase funds has been successfully carried out, making it recognized as a successful self-reliance support model in underdeveloped countries.

Son Byung-doo, Chairman of the Exchange, said, "This support for Cambodia is significant in spreading the excellent model of the KRX Cow Bank project, which has been proven effective in Vietnam, to other countries," adding, "We hope that the Cow Bank project will bring sustainable change and development effects to impoverished areas in Cambodia."

This content was produced with the assistance of AI translation services.