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

  • Forest Harmony’s $18M luxury villas break ground in Kampot

    Local and French joint-venture Forest Harmony has broken ground on its $18 million “second-home” Luxury Holiday Villas project in Kampot province. Century 21 Mekong CEO and local shareholder of the project Chrek Soknim told The Post that the project will comprise 90 villa units covering 18ha on a 97

  • US, Cambodia pledge to strengthen military ties

    The US on Tuesday pledged to help train military officers, particularly Cambodia’s blue helmet troops deployed for UN’s peacekeeping operations. The pledge was made during a meeting between US ambassador Patrick Murphy and Royal Cambodian Armed Forces (RCAF) commander-in-chief General Vong Pisen. Further

  • Sokha lodges an appeal over treason case reaching court

    Kem Sokha, the president of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), has appealed against the decision to send his treason case to trial. Sokha’s legal team said their client was not satisfied with the decision of a Phnom Penh Municipal Court investigating

  • Rights Day forum denied in Sihanoukville

    The Preah Sihanouk provincial administration last Saturday denied the request of land communities for a public location in the province to celebrate International Human Rights Day 2019 as the administration had already held forums to discuss land issues. However, the land community representatives said they would

  • Gov’t approves $9B worth of building projects in 2019

    The government has approved more than $9 billion this year for capital investment in the construction sector, a nearly 80 per cent increase on last year, with most of the growth coming from projects in Sihanoukville, according to Minister of Land Management, Urban Planning and Construction Chea

  • King rescinds oknha honorific of 46 National Police officials

    The oknha titles of 46 National Police officials with the rank of general, as well as senior officials in the ministries of Interior and National Defence, will be withdrawn following a royal decree from King Norodom Sihamoni. National Police spokesman Chhay Kim Khoeun told The Post