Phnom Penh, July 23, 2025 — In a landmark move to deepen capital markets and accelerate infrastructure development, the Securities and Exchange Regulator of Cambodia (SERC), in collaboration with the Australian government, officially launched the Prakas on the Offering of Infrastructure Debt Securities at a high-profile workshop held yesterday at the Hyatt Regency Phnom Penh.
Presided over by Sou Socheat, Director General of the SERC, and Derek Yip, Australian Ambassador to Cambodia, the workshop introduced both the new Prakas and accompanying guidelines on eligible assets. The regulation enables public and private sector entities to issue infrastructure bonds, unlocking new long-term capital for projects such as roads, bridges, and utility systems.
This initiative is supported by Australia through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED), underscoring a shared commitment to sustainable growth and market-driven reform.
“Australia is helping Cambodia to further develop its capital market,” said Ambassador Yip. “This Prakas is a critical step in expanding financing channels to fund the infrastructure Cambodia needs to drive inclusive growth, improve livelihoods and strengthen economic resilience.”
The Infrastructure Bond Prakas is a pivotal response to the Cambodian government’s National Infrastructure Master Plan (2023–2033), which estimates a total infrastructure financing need of USD 36 billion over the next decade. By offering a structured path for infrastructure bond issuance, the Prakas opens the door for greater participation from institutional and international investors.
Sou Socheat emphasized the regulation’s strategic importance:
“The infrastructure sector is the backbone of socio-economic activity. This Prakas reflects our commitment to diversify financial products and promote sustainable financing mechanisms. It will play a key role in national development, especially in priority sectors and green projects.”
The Prakas comprises seven chapters and 25 articles, clearly detailing eligibility criteria, issuance procedures, and post-issuance responsibilities. A dedicated guideline further defines qualified infrastructure sectors and funding models, ensuring transparency and investor confidence.
This move places Cambodia in line with regional counterparts like Vietnam and Indonesia, both of which have effectively mobilised capital through infrastructure bonds. Cambodia’s framework is designed to mirror such successful models while adapting to local conditions.
The country has seen increasing momentum in capital markets since the issuance of its first government bond in 2022. To date, over USD 417.46 million has been raised through corporate bonds, reflecting growing investor appetite.
The newly adopted infrastructure bond regulation is expected to further galvanize market participation, diversify funding sources, and support projects aligned with the Australia–Cambodia Development Partnership Plan 2025–2029.
With this milestone, Cambodia strengthens its path toward inclusive, resilient, and sustainable development—supported by robust policy, international cooperation, and an increasingly sophisticated financial ecosystem.
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