Property News Roundup August 14th, 2023
We’re delighted to share the weekly news highlights below.
- ADB Catalyses Cambodia’s Skill Renaissance with US$100m Investment in Industrial & Technological Expertise
In a significant stride towards Cambodia’s future workforce empowerment, the Asian Development Bank (ADB) has confirmed a commitment to a US$100 million loan. The strategic infusion is poised to reshape Cambodia’s economic trajectory, propelling it towards a vibrant landscape of industry and technology, underpinned by an enriched and skilled labour force.
04 August 2023 | Construction & Property | Link: https://tinyurl.com/58dhhfbp
- Unveiling the Splendour: Kesor Kol Conservation Centre at Phnom Kulen Inaugurated
The 10-hectare Kesor Kol Guest House and infrastructure in Preah Jayavarman Phnom Kulen National Park have been officially inaugurated. The ceremonial inauguration, held on 2 August 2023, was presided over by HE Say Sam Al, Minister of Environment, signalling a resounding dedication to fostering sustainable conservation and ecological research.
04 August 2023 | Khmer Times | Link: https://tinyurl.com/yck7z874
- Powering Progress: Industry Sector Set to Drive 39% of Cambodia’s GDP Growth in 2023
Cambodia’s industrial prowess continues to surge, poised to shape the nation’s economic landscape with a forecast of contributing 39% to the Gross Domestic Product (GDP) in 2023, a notable increment from the 38% registered in the preceding year.
04 August 2023 | Construction & Property | Link: https://tinyurl.com/4p37nx6t
- SME Bank disburses $54M loans to tourism related biz
A total of $54 million in loans have been disbursed to tourism-related businesses through the state-owned Small and Medium Enterprise Bank of Cambodia Plc. (SME Bank)’s Tourism Recovery Co-Financing Scheme as of July this year.
07 August 2023 | Khmer Times | Link: https://tinyurl.com/2p72una5
- Cambodia-Australia exports dip 0.4% in first half of year
Bilateral trade between Cambodia and Australia in the first half of 2023 stood around $258.1 million, with Cambodia’s trade surplus expanding by $102 million, Cambodia’s General Department of Customs and Excise (GDCE) stated.
07 August 2023 | The Phnom Penh Post | Link: https://tinyurl.com/2zb8encp
- King appoints Hun Manet as Prime Minister
King Norodom Sihamoni on August 7 issued a royal decree appointing Hun Manet, an elected lawmaker for Phnom Penh, as the prime minister of Cambodia after the request of outgoing Prime Minister Hun Sen, president of the Cambodian People’s Party (CPP) which has secured 120 out of the National Assembly’s 125 seats, at the July 23 general election.
07 August 2023 |The Phnom Penh Post | Link: https://tinyurl.com/35nmvmcr
- Debt growth vigilance crucial: Expert
The Cambodian banking industry is facing increasing systemic risks due to the looming economic uncertainty and rising non-performing loans (NPLs).
07 August 2023 |The Phnom Penh Post | Link: https://tinyurl.com/hnvwnd45
- Gov’t Announces Over 125 ha in Prey Veng as Natural Heritage Gem
In a remarkable move to safeguard the nation’s cultural and natural treasures, the Government of Cambodia has officially designated a sprawling expanse of 125,275.75 hectares in Prey Veng province as the illustrious “Nokor Phnom Chheu Kach Ba Phnom” natural heritage site.
07 August 2023 | Construction & Property | Link: https://tinyurl.com/ycyjauc4
- Demand for Cambodia’s paddy, milled rice growing
The Kingdom’s rice export industry is on the rise. The Cambodia Rice Federation (CRF) recently reported that between January and July 2023, the nation exported more than 360,000 tonnes of milled rice to 52 target countries, accounting for 52 per cent of the yearly target of 700,000 tonnes.
07 August 2023 | The Phnom Penh Post | Link: https://tinyurl.com/2bj3vpp9
- Koh Pich-Koh Norea bridge to reduce traffic congestion in Phnom Penh’s Eastern Area
A bridge connecting Koh Pich satellite city to the Koh Norea development area in Phnom Penh’s Khan Chbar Ampov has been scheduled for soft launch in November 2023. The bridge will contribute to reducing the traffic congestion in the eastern part of the capital.
10 August 2023 | Khmer Times | Link: https://tinyurl.com/2ev4w77u
- MPWT to Propose 6 billion Riels to Renovate NR76 Connecting Snoul District to Mondulkiri
The Ministry of Public Works and Transport (MPWT) is set to propose a budget of 6 billion Riels to the Ministry of Economy and Finance in 2024. This funding will facilitate the comprehensive renovation and upgrade of NR 76, stretching from Snuol district, Kratie province to Mondulkiri province.
09 August 2023 | Construction & Property | Link: https://tinyurl.com/2z4ccmk4