Joint programs launched to support sustainable financing for Cambodia

2021-04-08 08:06:08 GMT2021-04-08 16:06:08(Beijing Time) Xinhua English

PHNOM PENH, April 8 (Xinhua) -- The United Nations in Cambodia, in close cooperation with the Ministry of Economy and Finance (MEF), has launched two joint programs to expand financing options for the Cambodian government, said a joint press statement on Thursday.

Both programs have been designed to meet growing demands for development investments and to maintain financial lifelines for micro, small and medium-sized enterprises (MSMEs), particularly women-owned enterprises, the statement said.

The programs would support the realization of the Cambodia Sustainable Development Goals (CSDGs), it said.

The first program, the Integrated National Financing Framework to Catalyze Blended Finance for Transformative CSDG Achievement, will be implemented by two UN agencies and the second program, Unlocking Cambodian Women's Potential Through Fiscal Space Creation (A Credit Guarantee Scheme for Women-owned Enterprises) will be carried out by four UN agencies, the statement said.

"Adapting the principles of the Integrated National Financing Framework to the Cambodian content will allow the government to build a demand-driven financing framework, enable the expansion of development resources, and implement a sound financing strategy," Pauline Tamesis, UN resident coordinator to Cambodia, said.

"The credit guarantee scheme, as part of the innovative financing system, will further provide low-cost and reliable financing to MSME businesses in Cambodia," she added.

MEF's secretary of state Ros Seilava, co-chair of the joint programs' steering committee, said both joint programs are in line with the government's priorities to move the policy and legislative agenda towards the identification and attraction of new and sustainable sources of finance for development.

"The partnership between MEF and UN Cambodia for these joint programs will specifically contribute to the implementation of the government's economic response plan to respond, recover and build resilience from COVID-19, while accelerating the achievement of the CSDGs," said the official. Enditem