The Cambodian Sustainable Finance Initiative (CSFI) of the Association of Banks in Cambodia (ABC) will be developed over a period of two years and is an initiative involving Cambodian banks, developed under the leadership of ABC, supported by USAID, Pact, Wildlife Conservation Society (WCS) and Mekong Strategic Partners, and the cooperative partnership between the ABC, the National Bank of Cambodia and the Ministry of Environment will ensure this is a worthwhile and successful initiative.
In April 2016, ABC agreed to embark on a new initiative to develop and strengthen finance sector safeguards and risk management standards related to social and environmental impacts which are potentially created through the private sector. The decision was made to undertake a bottom up approach that is led and owned by the banks with support from international partners. The intent is to develop and design environmental and social standards which are appropriate for Cambodia.
The pursuit of sustainable development is a policy priority and commitment of the Royal Government of Cambodia’s National Rectangular Strategy – Phase III, as well as the Cambodian National Strategic Development Plan, 2014-2018. As such, we welcome the cooperation and collaboration of the Ministry of Environment, the National Council for Sustainable Development, alongside the National Bank of Cambodia in supporting and joining ABC in this important initiative.
The sustainable financing principles will take into consideration environmental protection, preservation of our unique culture, our way of life, history and values, and orchestrate it in harmony with sustainable livelihoods and education, health and the lifestyle of Cambodians.
On 19 September 2016, the Cambodian Sustainable Finance Initiative (CSFI) was officially launched at Hiwamari hotel. There were more than 60 participants who were come from the banks, the central bank, the ministry of environment, USAID, Pact, Wildlife Conservation Society (WCS) and Mekong Strategic Partners, including the media attended. The Statement of Intent: Developing Sustainable Banking Practices in Cambodia was signed by the ABC Acting Chairman and witnessed by H.E. Eang Sophalleth, Under Secretary of State of the Ministry of Environment, and H.E. Chea Serey, Director General of the National Bank of Cambodia.