Saneun Approves 'Cambodia $100 Million Green Loan' Project

The 38th Green Climate Fund Board approved the Korea Development Bank's 'Cambodia Green Loan' project.

The Ministry of Economy and Finance announced on the 7th that at the Green Climate Fund Board meeting held in Kigali, Rwanda from the 4th to the 6th, 11 projects including the KDB project were approved. The Green Climate Fund, established in 2010, is the world's largest climate fund aimed at supporting greenhouse gas reduction and climate change adaptation in developing countries.

The approved KDB project focuses on establishing a climate finance specialized institution within the Cambodia Agricultural Development Bank (a state-owned bank). Through this institution, a $100 million green loan will be executed, with plans to transform it into a national climate bank. The Ministry of Economy and Finance stated that this project is expected to reduce greenhouse gas emissions by over one million tons and support the participation of Korean companies and financial institutions in green projects.

The total funding for the 11 projects approved by the board, including KDB's, amounts to approximately $490 million. When combined with co-financing through international organizations and the private sector, the total is estimated at $1.26 billion. The funds will be invested in supporting climate change responses in 23 developing countries. Meanwhile, the cumulative number of approved projects by the Green Climate Fund has reached 254, with total support amounting to $14 billion.

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