The Global Green Growth Institute (GGGI) has joined forces with other partner organizations, including the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), United Nations Development Programme (UNDP) and Cambodian Ministry of Economy and Finance, to introduce an exciting initiative. Together, they have successfully completed the first two phases of an innovative training series on sovereign thematic bond issuance.
The inaugural feasibility workshop, held on 16 November 2023, focused on financial and sustainability strategies essential for thematic bonds. It evaluated institutional readiness, examined compatibility with existing debt programmes and laid the groundwork for Cambodia's entry into the thematic bond arena.
The event was kicked off by Tieng Sokphyrom, Director of the Government Bond Department at Cambodia's Ministry of Economy and Finance, and was attended by 42 participants; 35% of them women.
Shomi Kim, GGGI Country Representative for Cambodia, highlighted the significance of this training initiative: “In collaboration with GGGI, UNESCAP, UNDP and the Ministry of Economy and Finance, we have developed a participatory training series on sovereign bond issuance. Our aim is to help the ministry understand the concept of thematic bonds, identification of financing needs, identification of green projects and the process of issuing thematic sovereign bonds.”
The second workshop on pre-issuance took place on 7-8 December 2023, focusing on the thematic bond issuance process, with a special emphasis on the pre-issuance phase. Participants immersed themselves in topics such as crafting a sustainable financing framework, aligning with international standards, involving external auditors and implementing effective risk management strategies. The training also delved into the art of bringing bonds to market, post-issuance procedures, and valuable insights gleaned from practical case studies in Indonesia and Fiji.
There are more workshops planned in 2024, including ones on the issuance phase and post-issuance and project implementation phase.
This collaborative effort among the partners shows their dedication to bolstering Cambodia's sustainable finance landscape. In keeping with recent developments, such as the adoption of the Policy Framework on the Development of Government Securities 2023-2028, this training series charts a course towards Cambodia's inaugural thematic sovereign bond, poised to contribute significantly to the country's sustainable development and green growth endeavors.