17 April, 2020
On April 13, 2020, the Ministry of Education, Youth and Sport (MEYS) issued an Instruction on Enhancing Distance or E-Learning and Teaching by Private Institutions at All Levels.
While the main purpose of this instruction is to encourage private institutions to promote e-learning and teaching, so that students can receive an education while reducing the risk of COVID-19 infections, it also provides certain guidelines for property owners and commercial banks with regard to their relationships with educational institutions that face financial difficulties as a result of the outbreak.
First, the MEYS requested that property owners consider reducing rent for educational institutions in order to reduce their financial burden resulting from the outbreak.
Second, the MEYS requested that the National Bank of Cambodia collaborate with all commercial banks and financial institutions that provide loans to educational institutions, to jointly consider reducing interest rates and extending repayment dates.
As a result of this instruction, educational institutions in Cambodia facing financial difficulties during the COVID-19 pandemic now have some legislative legal support in negotiating with landlords and commercial banks.
For further information, please contact
Sochanmalisphoung Vannavuth, Tilleke & Gibbins
