Cambodia is gearing up to host the 47th annual meetings of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) from May 15-17, 2024. The upcoming event aims to facilitate knowledge exchange and collaboration among delegates from approximately 41 countries.
Themed “DFIs Role in Sustainable Finance Ecosystem: Cultivating a Climate-Smart and Sustainable Future,” this year’s meetings will bring together 93 institutions, including association members and other relevant stakeholders in Cambodia. The state-owned Agricultural and Rural Development Bank (ARDB), led by CEO Kao Thach, will serve as the hosting organization.
Thach, also appointed as Vice-Chairman of ADFIAP’s Board of Directors at last year’s gathering in Almaty, Kazakhstan, expressed enthusiasm about Cambodia’s role as the host. He emphasized the opportunity for Cambodia to share its knowledge and experiences in financing implementation programs with financial institutions from across the Asia-Pacific region.
Furthermore, Thach emphasized the potential for deepening diplomatic relations with the approximately 40 association member states and utilizing the event to attract investments in Cambodia’s high-potential sectors.
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) was founded in 1976 as a non-governmental organization with consultative status with the UN Economic and Social Council (ECOSOC). The association maintains a permanent secretariat office in Makati City, Philippines, and aims to promote sustainable development by encouraging innovation, enhancing member competence, and strengthening financial institutions’ capacities.
With over 90 development financing institutions in its ranks, including the ARDB since 2005, ADFIAP focuses on financing national or regional priority development projects, particularly addressing funding gaps not covered by conventional private lenders. These institutions play a crucial role as initiators, institution builders, catalysts, and last resort banks in specific development areas.
The hosting of the ADFIAP annual meetings provides Cambodia with an excellent platform to advance its position in the global finance ecosystem and contribute to the region’s sustainable development goals. The gathering will foster collaboration and partnerships among financial institutions, enabling them to explore innovative approaches and strategies for financing sustainable projects.
As Cambodia prepares to welcome delegates from around the world, it aims to showcase its commitment to sustainable development, attract investments, and learn from the experiences of other institutions. The event promises to be a significant milestone in strengthening Cambodia’s role in finance and sustainability, contributing to the country’s overall growth and development.
Source: Phnompenh Post
