Cambodia, Camko City Ink Agreement to Establish Financial Development

Wednesday, 02 December 2009 04:16 DAP-NEWS

(Posted by CAAI News Media)

Cambodian government officials and South Korean investors on Tuesday signed a US$6 million agreement to building the of the Financial Development District (FDD), to be located in CAMKO City and scheduled to complete the construction in late 2010.

Aun Porn Moniroth, delegate minister and secretary of state for the Ministry of Economy and Finance (MEF), said at the signing ceremony that the purpose of the establishment is to develop a center for conglomeration of financial institutions providing diversified financial services and also to develop a financial center with infrastructures of high level conforming to the Cambodian government policy of Financial sector development strategy 2006-2015, particularly the development of Cambodia’s securities markets.

Speaking at a signing ceremony at the MEF presided over by DPM and MEF Keat Chhon, Aun Porn Moniroth said that the building will house the public trading of securities market, adding qualified businesses—such as financial business including both banking and non-baking institutions, realty estate investment, and other supporting service activities such hotel, conference halls—will be encouraged to conduct in the area.

“The establishment is an important and historic event in Cambodia in developing physical infrastructure for supporting the Cambodia’s securities market development that will contribute to fast and sustainable development of the economy,” he said. “It is also an implication for contributing to faster development of the city.”

Lee Sang ho, chairman of World City Co., Ltd, said that the establishment is a historical event for Cambodia which is located in CAMKO City, the most suitable place.

Lee added that his company provided free of charge to the Cambodian government of 15 hectares of lands to build the FDD at a cost US$6 million.

Lee added that has invested US$2 billion for the CAMKO City in Phnom Penh, which broke ground in 2005 and is planned to complete by 2015.