Cambodia is set to host the 47th Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Annual Meetings from May 14-16, 2024. Centred on regional financial development, the meetings are expected to bring together delegates from some 40 countries to share their knowledge and expertise in the domain.

Kao Thach, CEO of the state-owned Agricultural and Rural Development Bank (ARDB), was selected as the vice-chairman of the ADFIAP Board of Directors on May 16 at the 46th edition of the event in Almaty, Kazakhstan.

Thach confirmed to The Post on May 24 that the ARDB was chosen by the ADFIAP to host the 47th edition of the annual meetings next year.

“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 said.

According to Thach, the meetings would allow Cambodia the chance to deepen its diplomatic ties with the approximately 40 ADFIAP member states as well as to gain more knowledge from participating institutions.

“Additionally, we’ll also have the opportunity to promote and speak about our high-potential sectors in order to draw in investments from those countries,” he stressed.

The ADFIAP was established in 1976 as an NGO, and has consultative status with the UN Economic and Social Council (ECOSOC). The association has a permanent secretariat office in Makati city, Metro Manila, the Philippines.

The association’s primary objective is to advance sustainable development by supporting innovation, improving the competence of its members, and strengthening institutions and financial functions.

There are currently more than 90 development financing institutions (DFI) from some 40 countries among the ADFIAP’s ranks, including ARDB, which joined in 2005.

A main focus of DFIs is to finance national or regional priority development projects, particularly by plugging key funding gaps left by conventional private lenders, according to the ARDB. These intermediaries also act as initiators, institution builders, catalysts and banks of last resort for specific development areas, it notes.