AKP Phnom Penh, July 16, 2025 --

The Securities and Exchange Regulator of Cambodia (SERC) in collaboration with Asian Development Bank (ADB), the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Global Green Growth Institute (GGGI), organised here on July 15 a workshop on “Sustainability-Linked Bonds” at Raffles Hotel Le Royal Phnom Penh.

The workshop was presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of the SERC, with the participation of Ms. Kelly Hattel, Senior Financial Sector Specialist of ADB, Ms. Shomi Kim, Country Representative of GGGI and Ms. Deanna Morris, Economic Affairs Officer of ESCAP.
The workshop was attended by the management and officials of the SERC, representatives from ADB, ESCAP, GGGI, National Bank of Cambodia, General Department of International Cooperation and Debt Management and General Department of Policy of Ministry of Economy and Finance, Cambodia Securities Exchange, Cambodia Association of Securities Firms, Association of Banks of Cambodia, Cambodia Microfinance Association, SMEs Association, Credit Guarantee Corporation of Cambodia, Rating Agency of Cambodia and potential listed companies and expert speakers with extensive experience.

This workshop aimed at providing participants with the knowledge and insights to understand the key features of Sustainability-Linked Bond (SLB), which is a bond instrument whose financial characteristics depend on the achievement of predefined sustainability targets, helping issuers raise funds to support their transition toward a low-carbon economy, key steps involved, and how to set credible Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs), and highlighting the technical assistance available to support potential issuers.

In this workshop, H.E. Sou Socheat stated that Cambodia’s progress in sustainable finance reflects a collective effort shaped by the cooperation among regulators, development partners, and market participants. Through the issuance of ESG bonds and the introduction of SLBs as a new financial instrument, SERC is steering the evolution of the securities market in alignment with the Sustainable Development Goals and national priorities.

“These initiatives contribute to economic resilience and demonstrate our shared commitment to resilient and inclusive growth. With continued support and strategic collaboration, we are building a securities market ecosystem that empowers sustainable business and enables long-term development across the economy,” he said.

Ms. Deanna Morris highlighted that ESCAP is proud to support the development of Cambodia’s sustainable bond market through the Cambodia Sustainable Bond Accelerator (CSBA) Programme.

“Together with our partners, we have already supported two successful bond issuances and have built a pipeline of over US$90 million in upcoming sustainable bond transactions. Later this month, we will launch the next phase of the Accelerator, which will continue to offer technical assistance, credit enhancement, and investor outreach. While we welcome all forms of sustainable bonds, we are especially keen to support SLB issuances in this next round, recognising their potential to drive environmental and social change at both firm and sector levels,” she said.

Ms. Shomi Kim addressed that Cambodia’s sustainable finance landscape is evolving rapidly, with over US$60 million already mobilised through green and sustainability bonds under the CSBA Programme.

Launched through a partnership among SERC, GGGI, UNESCAP, Credit Guarantee and Investment Facility (CGIF) and GuarantCo in 2023, the programme has built strong market momentum and issuers’ readiness, she said.

“As we prepare to launch the next phase of the CSBA programme, GGGI remains committed to advancing this progress in supporting credible thematic bond issuances, increasing investor’s confidence in sustainable finance, and introducing instruments like Sustainability-Linked Bonds to align capital market with Cambodia’s climate and development goals," she said.

In the closing remarks, Ms. Kelly Hattel mentioned that this workshop marked a significant starting point in building momentum for SLB issuance in Cambodia.

“Through effective collaboration with the SERC, relevant institutions and development partners, we can unlock the potential of SLBs with credible and ambitious KPIs to support issuers to diversify funding sources and drive equitable, sustainable growth for Cambodia,” she said.

By Chea Vannak