European Investment Bank to expand operations in Cambodia

Say Sam Al (left), Minister of Environment, receiving a delegation from the European Investment Bank led by Kris Peeters, Vice President of the European Investment Bank in Phnom Penh. Ministry of Environment

The European Investment Bank has expressed plans to expand investments in Cambodia, especially in green investment projects.

Say Sam Al, Minister of Environment, received a delegation from the European Investment Bank (EIB) led by Kris Peeters, Vice President of the European Investment Bank at the Ministry of Environment on Sunday.

Sam Al briefed the delegation of the situation in Cambodia and said that Cambodia has been built on a strong foundation of peace, sovereignty, and national unity.

He also spoke about the success of the Royal Government in controlling the Covid-19 pandemic.

During the meeting, Peeters outlined plans to expand investment in Cambodia, highlighting interest in green investment and additional consulting for green loans and financing cooperation on projects worth 240 million euros.

Earlier, speaking in Jakarta, Indonesia, Peeters, who is in charge of the bank’s operations in Southeast Asia had said that EIB will contribute to fostering new, multi-million euro investment opportunities in projects that will help the region tackle its most urgent investment needs, all in a green, sustainable way.

“We want to establish ourselves as a reliable partner of Southeast Asia and help ensure that the country and the region grow and develop in a way that is green, sustainable and empowering, limiting the effects of climate change, and strengthening the national independence of EU partner countries,” he said.

EIB is the world’s largest international public bank and its new regional representation office in Jakarta will further accelerate the EIB’s technical and financial support for high-impact investments across the region.

Regional EIB hubs and regional representation offices will make it easier for projects across Indonesia and Southeast Asia to secure financing and offer direct support to project promoters.

To date, the EIB has been engaged and invested in energy, urban transport, climate action, rural infrastructure, urban development and transport projects in Indonesia, Cambodia, Laos, Vietnam and the Philippines and it has invested over  625 million euros in the last ten years alone.

In the coming months, the new Jakarta office will expand and increase its expertise on climate action, innovation and digital investment in close cooperation with its partners based in Southeast Asia and the Pacific and with Team Europe.

According to the National Council for Green Growth (NCGG), the national policy on green growth has a vision to balance economic development with the environment, society, culture and sustainable use of natural resources by integrating, feeding, adapting and harmonizing green development principles
and national policies.

Source: Khmer Times