Cambodia Investment Review
Cambodia has launched the third phase of its Sustainable Bond Accelerator (CSBA) Program, aiming to expand access to green and sustainable finance as the country’s bond market experiences rapid growth. Applications are now open to both public and private sector entities until August 31, 2025.
Interested issuers can now apply for Phase III support via the SERC website or through the program’s QR code.
The CSBA Program, launched in 2023, is a joint initiative between the Securities and Exchange Regulator of Cambodia (SERC), United Nations ESCAP, the Global Green Growth Institute (GGGI), and Luxembourg’s Global Trust Fund on Sustainable Finance Instruments. It also partners with the Credit Guarantee and Investment Facility (CGIF), part of the Asian Development Bank, and GuarantCo, a Private Infrastructure Development Group member. Phase III welcomes the Credit Guarantee Corporation of Cambodia (CGCC) as a new program partner.
Focus on Climate and Capital Market Development
Phase III of the program will provide tailored technical assistance to Cambodian issuers of green, sustainability, or sustainability-linked bonds. The support package includes guidance on issuance planning, training on international frameworks, assistance in securing second-party opinions, and links to a network of guarantors to enhance investor confidence.
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Speaking on behalf of the consortium, H.E. Sou Socheat, Director General of SERC, said the initiative aligns with Cambodia’s broader climate goals.
“This initiative aims to unlock financing for projects that address Cambodia’s climate mitigation and adaptation priorities—ranging from renewable energy and clean transportation to smart agriculture, energy efficiency, and green buildings,” he said. “Through Phase III, we seek to empower more Cambodian issuers to access capital markets and mobilize investments that align with our national climate goals.”
He added that the country is committed to fostering “a robust, transparent, and inclusive sustainability bond ecosystem that supports long-term economic growth and environmental resilience.”
Bond Market Doubles in Size Since 2023
Cambodia’s bond market has shown strong momentum, doubling from just over $200 million in 2023 to more than $400 million in 2025. The rapid growth has been attributed to investor confidence, proactive regulatory measures, and the role of programs like the CSBA in driving market readiness.
Since its inception, the CSBA Program has supported the issuance of more than $60 million in green bonds from Cambodian companies, with over $100 million in additional issuances currently in development. The initiative has also been credited with helping build technical capacity, raising awareness, and creating innovative financial structures that attract both local and foreign investors.
Expanding the Green Finance Ecosystem
By broadening participation and strengthening the investment ecosystem, Phase III of the CSBA Program is expected to play a pivotal role in mainstreaming sustainable finance in Cambodia. The addition of CGCC is seen as a strategic move to enhance credit support and facilitate more robust engagement from domestic financial institutions.
As Cambodia continues to position itself as a rising player in sustainable capital markets, the CSBA initiative signals a long-term commitment to integrating climate action with private sector-led development.
