Worldbridge, UN orgs ink MoU to bolster development efforts
CIC unveils investor training program
WO RLDBRIDGE International, the United Nations Development Program (UNDP) and the United Nations Industrial Development Organisation (Unido) on Friday signed a memorandum of understanding ( MoU) for three projects based on affordable housing, green logistics and connectivity for small- and medium-sized enterprises (SMEs).
Through the MoU, UNDP will provide support for advancements in solar power, waste management, public transportation, driver training, road safety, and market education for entrepreneurs.
Of these projects, Unido will provide support for those involving SMEs, according to Worldbridge general manager Sothirith Yuk.
2030 development goals
Worldbridge chairman Swae Rithy said the MoU will contribute significantly to improving the quality of life in the Kingdom by introducing affordable and comfortable living spaces as well as safe transportation systems and new business techniques.
“The development and growth of Cambodia’s economy must be sustainable and provide a positive impact on society,” he said.
UNDP country director for Cambodia Nick Beresford said the agreement is a reflection of a public-private partnership to drive sustainable investments in key areas that have an influence on society and the economy.
“This partnership is an important step to achieve sustainable development goals by 2030,” he said.
SMEs in Cambodia often face problems such as lack of market information, use of technology, human resources and the high cost of electricity.
Hence, Unido Cambodia repre- sentative Sok Narin said through the cooperation, the organisation will be able to work closely with the private sector to develop SMEs in the Kingdom and help them achieve sustainable growth. PRIVATE equity firm Cambodia Investor Club (CIC) on Saturday launched a new business program called Beyond Investment Opportunity (BIO), which aims to accelerate investment activity in the Kingdom by educating investors and entrepreneurs.
CIC managing director Lem Chansamrach said BIO will help those with surplus funds to learn how to evaluate business potential before acquiring the shares of a company. On the opposite end, it also seeks to help business owners connect with possible investors.
Chansamrach said there are many investment funds earmarked specifically for Cambodian businesses that should be taken advantage of.
“Local companies need to be qualified and that is why the BIO program was launched, to help participants gain access to funds,” he said.
He said the CIC has carried out investment funding since 2009 and, up to now, has made $4 million available to local firms.
$300 million for SMEs
The program will last for six months and consist of nine training courses. There will be many discussion sessions between participants and successful entrepreneurs in Cambodia.
The fee for the courses is $750 and aims to admit 100 participants. Fifty from the capital are already registered as well as 20 in Siem Reap.
Equity firms have been growing more plentiful in the Kingdom in the past few years. The five largest are currently EMIA, Belt Road Capital Management, Smart Axiata, Leopard Capital and IFC. Together these major players have earmarked a total of $300 million for small- and medium-sized enterprises.