Logo of Phnom Penh Post newspaper Phnom Penh Post - SEZ, UNDP sign pact to boost social impact

SEZ, UNDP sign pact to boost social impact

SEZ, UNDP sign pact to boost social impact

The United Nations Development Programme (UNDP) signed a memorandum of understanding yesterday with Phnom Penh SEZ Plc to create a framework that aims to increase social impact investments within Cambodia’s economic hubs.

According to the agreement, the UNDP will work with the special economic zone (SEZ) to facilitate investments that would contribute to the economic and social development of Cambodia. The initiative falls under the framework of the United Nations Social Impact Fund (UNSIF), which seeks to help implement the UN’s Sustainable Development Goals through partnerships with the private sector.

“The UNDP social impact fund is a platform where philanthropists, donors, governments and public funding can work together with capital market investment and really work together to produce investment projects that produce economic goods, but also produce social goods,” David Galipeau, chief of the UNSIF, said during the signing ceremony.

‘Areas in need’
In Cambodia, through SEZs in particular, UNSIF will look to analyse areas in need of investment and then identify stakeholders, both in and out of the country who can invest and provide solutions, Galipeau said. He added that UNSIF has already launched a $60 million fund in Egypt to facilitate debt and equity investments, a model that could potentially be reproduced in Cambodia when a local fund is created.

“For the structure here in Cambodia we are not sure yet [what it will be] and we are not sure of the size of the fund or the investment size,” he said. “But we are sure, once the fund is created, that we are looking at micro and small and medium enterprises.”

Hiroshi Uematsu, CEO of Phnom Penh SEZ, explained that a potential area for outside investment through UNSIF in the company’s SEZs in Phnom Penh and Poipet could be in solid waste management, education, skills training, affordable housing and renewable energy.

“The current existing challenge is solid waste management,” he said. “Actually, this is not only our own challenge but also the challenge of this country, so with the support of the UNSIF we would like to develop a systematic solid waste management system not only inside the SEZ, but also in outside communities.”

MOST VIEWED

  • Virus tops 84 with new cases in S’ville

    The Ministry of Health on Sunday night confirmed another 31 cases of coronavirus infections, bringing the Kingdom’s total to 84 and it highest daily tally. There have been no fatalities thus far. The latest cases were found in 29 French tourists and their two Cambodian tour guides

  • Kingdom’s virus toll tops 84, Cambodians in Thailand rush home

    The Ministry of Health on Sunday night confirmed another 31 cases of coronavirus infections, bringing the Kingdom’s total to 84 and its highest daily tally. There have been no fatalities thus far. The latest cases were found in 29 French tourists and their two Cambodian tour guides

  • NBC calls for cashless payments

    The National Bank of Cambodia (NBC) has urged government ministries, financial institutions and the public to conduct cashless payments via electronic systems where possible to combat the spread of Covid-19. “To contribute to the prevention of Covid-19, the National Bank of Cambodia encourages financial institutions

  • Mysterious century-old structure found at bottom of Angkor pond

    The Apsara National Authority (ANA) has discovered a mysterious 1,000-year-old structure of a wooden building at the bottom of a pond after the Angkor Wat temple’s conservation team completed restoring its northern cave. The deputy director at ANA’s Angkor International Research and Documentation

  • CEO held for fraud in Siem Reap

    Over 200 individuals gathered in front of the Siem Reap Provincial Court last week to ask that Dim Suonnath, the CEO of a real estate company being held for fraud, take responsibility for compensating some 2,000 residents who invested with him. The request was denied. Suonnath responded

  • Ministry calls for home schooling

    Minister of Education, Youth and Sport, Hang Chuon Naron appealed to parents of students to provide home education in a proper environment and help them obtain more learning materials. The ministry also allowed schools to take a premature vacation after several people tested positive for