Cambodia Weekly Financial News
Cambodia Weekly Financial News
2024-09-06View Times｜ 1046
Cambodia Weekly Financial News
August 30 ~ September 05 , 2024
30 August 2024
SERC calls for joint efforts to boost Cambodia’s green investment
A workshop in Phnom Penh, organized by the Securities and Exchange Regulator of Cambodia (SERC) and UNESCAP, focused on increasing financial flows for climate investment projects in Cambodia. SERC emphasized the need for collective efforts from the government, private sector, and international partners to promote sustainable development. The event highlighted the importance of developing strong, bankable project pipelines that are aligned with Cambodia's climate goals, as crucial for driving green finance and innovation in the country.
Source : The Phnum Penh Post
02 September 2024
IFC invests over $438 million in Cambodia’s financial sector
A workshop in Phnom Penh, organized by the Securities and Exchange Regulator of Cambodia (SERC) and UNESCAP, focused on increasing financial flows for climate investment projects in Cambodia. SERC emphasized the need for collective efforts from the government, private sector, and international partners to promote sustainable development. The event highlighted the importance of developing strong, bankable project pipelines that are aligned with Cambodia's climate goals, as crucial for driving green finance and innovation in the country.
Source : Khmer Times
02 September 2024
SERC, CGCC sign pact to promote issuance of guaranteed bonds
The Securities and Exchange Regulator of Cambodia (SERC) and the Credit Guarantee Corporation of Cambodia (CGCC) have partnered to promote the issuance of guarantee bonds. This collaboration was formalized through a memorandum of understanding (MoU) signed by SERC Director-General Sou Socheat and CGCC CEO Wong Keet Loong. The MoU aims to boost the development of Cambodia's securities sector by supporting companies, including small and medium enterprises (SMEs), in raising capital through the issuance of various types of bonds, such as green, social, and sustainability-linked bonds, with repayment guarantees in case of default. The partnership also included a workshop to raise awareness about the benefits and requirements of issuing guaranteed bonds. This initiative is expected to enhance local capital mobilization, attract more companies to the securities market, and foster financial inclusion and SME development in Cambodia.
Source : Khmer Times
03 September 2024
Cambodia, Korea launch cross-border payment, using KHQR code
The National Bank of Cambodia (NBC) and Phnom Penh Commercial Bank (PPCBank), in partnership with Jeonbuk Bank (JBB) of South Korea, launched a cross-border payment project on August 29, 2023, in Phnom Penh. This initiative allows JBB clients to make transactions in Cambodia using the Bakong (KHQR) code, enhancing payment convenience for South Korean travelers and businesses.
The system, supporting transactions at 3.3 million Cambodian stores, enables payments of up to $1,500 per day. This collaboration follows an MoU signed during Prime Minister Hun Manet’s visit to Seoul in May 2023 and aims to boost trade, tourism, and financial inclusion between the two countries. The project reflects the growing role of digital payments in the Asia Pacific region and strengthens economic ties between Cambodia and South Korea.
Source : Khmer Times
05 September 2024
MLVT opens foreign employee quota applications for 2025
Cambodia's Ministry of Labour and Vocational Training (MLVT) has opened the application process for 2025 foreign employee quotas, starting on September 1. Businesses must apply to hire foreign workers, who can only make up 10% of the total workforce, with limits based on job roles: 3% for office workers, 6% for skilled labor, and 1% for unskilled labor.
Companies must apply for work permits through the Foreign Workforce Centralized Management System (FWCMS) and ensure foreign employees have valid visas and residence permits. The deadline for applications is the end of November 2024. Non-compliance can lead to fines, and inspections are regularly conducted by the MLVT. Businesses may exceed the 10% quota if they can prove a lack of qualified Cambodian workers.
Source: Khmer Times
05 September 2024
Cambodia, China to sign MLC fund pact today
Cambodia will receive about $2 million from China under the Mekong-Lancang Cooperation (MLC) Special Fund for 2024. This funding will support eight projects in areas such as tourism, agriculture, rural development, vocational training, and flood risk management. The agreement will be signed in Phnom Penh between Cambodian Deputy Prime Minister Sok Chenda Sophea and Chinese Ambassador Wang Wenbin.
Since 2016, the MLC has focused on sustainable development and regional cooperation among Cambodia, Laos, Myanmar, Thailand, Vietnam, and China. The MLC Special Fund has supported around 90 projects in Cambodia over seven years. The partnership emphasizes connectivity, economic growth, and addressing challenges like cybercrime and human trafficking.
Source: Khmer Times
05 September 2024
Japan loan $55 mil for Phnom Penh city transmission, distribution system expansion
Japan will provide a loan of JPY 7,988 million (around $55 million) to Cambodia for the Phnom Penh City Transmission and Distribution System Expansion Project (Phase 2). The loan agreement will be signed on Friday by Cambodia’s Minister of Foreign Affairs, Sok Chenda Sophea, and Japan’s Ambassador, Ueno Atsushi.This loan highlights Japan’s ongoing support for Cambodia’s socio-economic development and strengthens the Comprehensive Strategic Partnership between the two countries.
Source: Khmer Times
Lady Aegies Comment : To be continue...............
