Credit Guarantee Corporation of Cambodia Plc. Invested 8,000 Million Riels (Approximately $2Million) in the CAIC’s Bond to Support the Development of Techo International Airport
January 27, 2022Events and Activities
On 27 January 2022, signing ceremony on “Techo International Airport Guaranteed Bond” is held between Cambodia Airport Investment Co., Ltd. (CAIC) represented by Mr Charles Vann, Director, and Credit Guarantee Corporation of Cambodia Plc. (CGCC) represented by Mr Wong Keet Loong, CEO, presided over by Neak Oknha Dr. Pung Kheav Se, Chairman of Overseas Cambodian Investment Corporation Ltd. (OCIC), and H.E. Mey Vann, Secretary of State of Ministry of Economy and Finance & member of CGCC’s Board of Directors for the investment of 8,000 Million Riels in Techo International Airport Guaranteed Bond through private placement.
Mr. Wong Keet Loong, CGCC’s CEO, said “This bond investment is part of CGCC’s diversification in investing our funds in bonds other than fixed deposits. We are pleased to invest and support the development of the TIA in contributing to building Cambodia’s national pride”.
The funds raised from Techo International Airport Guaranteed Bond will be used for the construction and development of Techo International Airport in Kandal province. Techo International Airport project is currently 30% completed with a total amount of USD390 Million (excluding airport land) already invested by CAIC.
The coupon rate of CAIC bond is 5.5% per annum with 3-year tenor and guaranteed by OCIC.
OCIC is the largest investment group and local conglomerate in Cambodia. The company’s core expertise is in infrastructure development, real estate, construction, property management, education, medical, shopping mall, hotel, rice mill, manufacturing etc with notable projects such as Techo International Airport, Diamond Island City, Norea Island, Chroy Changvar Satellite City and Olympia City Complex.
CAIC is a joint venture between the Royal Government of Cambodia (RGC), represented by the State Secretariat of Civil Aviation, and OCIC. The RGC has granted CAIC the rights to own, design, construct, finance, operate, maintain and manage Techo International Airport Project.
Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established by a Sub-Decree No. 140 ANKR.BK dated 1st September 2020. CGCC is operated under the technical and financial guidance of the Ministry of Economy and Finance. CGCC was incorporated on 3rd November 2020 and has been receiving technical support from ADB, World Bank and UNCDF. CGCC launched the first guarantee scheme on 29th March 2021.
CGCC’s vision is to be the preferred credit guarantee institution in Cambodia to improve financial inclusion and develop the growth of SMEs.