WASHINGTON, D.C., March 26—The Kingdom of Cambodia joined the International Finance Corporation (IFC) today in a signing ceremony in Washington, D.C. This brings the Corporation’s total membership to 171.
The Government of Australia, through AusAID, provided the financing for Cambodia’s subscription to IFC.
IFC’s Articles of Agreement were signed by H.E. Keat Chhon, Senior Minister, Ministry of Economy and Finance on behalf of the Kingdom of Cambodia.
Cambodia’s membership will enable IFC to undertake a range of activities in the country, including project financing, equity investments and technical assistance. IFC hopes to identify sound projects that can be implemented relatively quickly and which will have a significant and positive developmental impact on the economy. To begin with, IFC hopes to play a role in developing the power and tourism sectors.
IFC is giving special emphasis to Cambodia through a new program called “Extending IFC’s Reach Initiative,” which is designed to help IFC be more effective in countries that have challenging investment environments, limited FDI flows, and other constraints to private sector activity. In order to develop investment opportunities under this program, IFC plans to establish a local field presence in Cambodia.
IFC has already launched the Mekong Project Development Facility to help small businesses in Cambodia, Vietnam and Laos develop feasibility studies, business plans and financing proposals. It will also provide training, management and marketing advice to companies that have good prospects. In Cambodia, MPDF will initially target textiles and garment production.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
–––––
