Farmers plant strains of rice at the Cambodian Agricultural Research and Development Institute (CARDI) in Dangkor in January 2023. Heng Chivoan
Cambodia is set to host the 47th Association of Development Financing Institutions (DFIs) in Asia and the Pacific’s (ADFIAP) annual meetings from May 15-17, which will bring together delegates from approximately 41 countries to exchange knowledge and expertise.
This year’s meetings are organised under the theme “DFIs Role in Sustainable Finance Ecosystem: Cultivating a Climate-Smart and Sustainable Future”.
The event expects to welcome 93 institutions, comprising association members and other relevant stakeholders in Cambodia.
Kao Thach, CEO of the state-owned Agricultural and Rural Development Bank (ARDB), who was appointed as vice-chairman of ADFIAP’s Board of Directors at last year’s event in Almaty, Kazakhstan, highlighted that the bank was chosen to host this year’s meetings.
“The annual meetings will enhance cooperation and partnerships among institutions that finance development in the Asia-Pacific region. This is a great opportunity for Cambodia to share its knowledge and experiences concerning financing implementation programmes with all the Asia-Pacific financial institutions,” he stated.
Thach highlighted that the gathering would provide Cambodia an opportunity to deepen its diplomatic relations with the approximately 40 association member states and to learn from the participating institutions.
“Additionally, we’ll also have the chance to promote our high-potential sectors and attract investments from those countries,” he emphasised.
Founded in 1976, the association operates as an NGO and holds consultative status with the UN Economic and Social Council (ECOSOC). It maintains a permanent secretariat office in Makati City in the Metro Manila region of the Philippines, according to the ADFIAP.
The primary objective of the association is to promote sustainable development by encouraging innovation, enhancing the competence of its members and strengthening institutions and financial functions.
The association has over 90 DFIs in its ranks, including ARDB, which joined in 2005. A major focus of these institutions is financing national or regional priority development projects, particularly by addressing significant funding gaps not covered by conventional private lenders, as per the group.
ARDB noted that these intermediaries also act as initiators, institution builders, catalysts and banks of last resort in specific development areas.
