IFC Invests US$3.4 Billion in East Asia and Pacific, including Cambodia
AKP Phnom Penh, October 11, 2018 —
IFC, a sister organisation of the World Bank and member of the World Bank Group, has so far put US$3.4 Billion Investment in East Asia and the Pacific, including Cambodia, to Develop Infrastructure, Steer Green Growth, and Provide Over Half a Million Jobs.
According to an IFC’s press release, for Cambodia, IFC loaned to the furniture manufacturer Morris Holdings Limited, which will enable the installation of a modern production facility in Cambodia’s Sihanoukville Special Economic Zone, creating about 800 jobs for local people.
The US$3.4 billion investment is in fiscal year 2018 in East Asia and the Pacific, spurring the growth of a thriving private sector in the region to ensure sustained growth through innovation, job creation, and infrastructure development, among others.
IFC provided US$2 billion in financing for its own account and mobilised US$1.4 billion from other investors in the fiscal year, with IFC’s support enabling businesses to provide over 550,000 jobs, distribute power to 4.4 million people, provide water to 9.6 million people, and improve livelihoods of more than 710,000 farmers.
Rapid urbanisation and increasing business demand in the East Asia and the Pacific region are feeding massive infrastructure needs, while at the same time, the region is a major contributor to the global greenhouse gas emissions and highly vulnerable to natural disasters and climate impact.
Besides Cambodia, IFC has invested in Fiji, Philippines, Thailand, Indonesia, Vietnam, Lao PDR, Myanmar, Papua New Guinea, Solomon Islands etc.
IFC is the largest global development institution focusing on the private sector in emerging markets. It has worked with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, IFC delivered more than US$23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
By Khan Sophirom