Fundraising Status:closed
Risk Rating:
What to know about this Lending Partner
Impact Category:
Clean Energy
Default Rate:
49.32%
Currency Exchange Loss Rate:
0%
Total Loans Raised:
$191,750
Loans at Risk Rate:
0%
Kiva Borrowers:
584
Delinquency Rate:
0%
Interests and Fees:
25% APR
After nearly 5 years and almost $200,000 raised, Kiva has decided to end our partnership with Kamworks in Cambodia. We have concluded that due to borrower defaults and ineffective collection practices at the institutional level, on-going efforts to recover their outstanding funds would not be successful. We have therefore written off the remaining outstanding balance of $34,571.22.
Please know that even when losses occur, your Kiva loans are still helping make a difference in the lives of borrowers around the globe, and your support gives people an opportunity to pursue better lives. We hope you'll continue to support other borrowers on Kiva.
Partner description:
Kamworks is a solar energy company based in Phnom Penh, Cambodia. The company provides affordable solar energy solutions to low-income and rural areas. Kamworks manufactures its products in Cambodia and distributes them throughout eight countries in South America, Africa and the Asia Pacific region.
Kamworks' target population is rural Cambodians who are typically excluded from national energy infrastructure. Kamworks focuses on bringing its products to two regions in Cambodia that have little or no electrical connection to the national power grid: Kampong Chhnang and Kratie. Households in these regions rely instead on car batteries and kerosene lighting, which are about ten times more expensive than connection to the national power grid. This makes solar energy a very beneficial option for rural residents of Kampong Chhnang and Kratie.
A unique lending approach:
Kamworks will use Kiva’s loans for the production and distribution of small solar home systems. Energy for the small solar home systems is generated by a solar panel, and the system can power a few lights, a radio, a black and white TV and charge mobile phones.
Kamworks will provide technical training to households upon installation. The company also offers three regular service visits and a 24-hour customer service hot-line.