Non-Sovereign Loan Forum Guides Private Sector to Directly Access Development Partners’ Financial Services
Phnom Penh, August 09, 2023 --
The Ministry of Economy and Finance has held a forum on non-sovereign loan aimed at providing directions and guides to private sector and business associations to access loan directly from the international financial institutions.
The half-day forum took place in Phnom Penh on Aug. 9 under the presidency of H.E. Hem Vanndy, Secretary of State at the Ministry of Economy and Finance, Mr. Anthony Gill, Principal Portfolio Management Specialist of the Asian Development Bank, Ms. Sandrine Boucher, AFD’s Country Director, Mr. Dourng Kakada, Operation Officer of the International Finance Corporation, and selected business associations who are active and key to the private sector development.
The forum provided clarity on the comparative advantage of each financing institution, financing mechanisms and requirements of each financing institution, and opportunities and challenges in private sector financing in Cambodia.
The forum was organised to collect feedback and the voices of the private sector who are on the ground in regards to their demand and their outlook of the sector development, and private sector and the abovementioned institutions will be able to report what they are in need, said H.E. Hem Vanndy. The ministry in cooperation with these institutions would formulate the medium-term Country Financing Framework for non-sovereign financing to guide and direct the investments in the priority sectors identified by the government and ensure that investments are allocated based on the comparative advantage of the institutions, he said.
“The new innovations and modalities will help our country and people of businesses get a better relief after they were to march from Covid. They need goods from all of us,” he said.
The private sector is now more than ever becoming increasingly important in order to help the government achieve the economic growth and development ambitions.
The private sector is recognised as an indispensable partner of the government and its development remains the priority for the RGC in the market economy development approach and plays a key role in promoting growth and socio-economic development.