Phnom Penh, Cambodia, 4 August, 2025 – The Cambodia Sustainable Bond Accelerator (CSBA) Program has officially launched its third phase and is now open for applications until 31 August 2025.

Launched in early 2023, the CSBA Program is a joint initiative of the Securities and Exchange Regulator of Cambodia (SERC), United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Global Green Growth Institute (GGGI) with the help from Luxembourg’s Global Trust Fund on Sustainable Finance Instruments, in collaboration with the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), and GuarantCo, part of the Private Infrastructure Development Group. For Phase III, the program gladly welcomes the Credit Guarantee Corporation of Cambodia (CGCC) as a new partner.

Phase III invites applications from public and private sector entities in Cambodia seeking technical assistance to issue green, sustainability, or sustainability-linked bonds. Selected applicants will receive tailored support, including issuance planning and capacity building on green, sustainability and sustainability-linked bond frameworks, technical assistance for second-party opinion reviews, and enhanced investment support, through its network of guarantors, where feasible.

H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC, speaking on behalf of the consortium, said: “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. Through Phase III, we seek to empower more Cambodian issuers to access capital markets and mobilize investments that align with our national climate goals. We remain committed to building a robust, transparent, and inclusive sustainability bond ecosystem for capital market actors which supports long-term economic growth and environmental resilience.”

Since 2023, Cambodia’s bond market has doubled in size—from just over USD 200 million to more than USD 400 million in 2025. This sharp growth reflects increasing investor confidence, active regulatory support, and the catalytic role of the CSBA Program in accelerating sustainable bond issuances. The program has helped shape market readiness and laid the groundwork for broader private sector participation in green and sustainable finance.

The CSBA Program has also significantly contributed to the growth of Cambodia’s sustainable finance ecosystem. It has increased awareness, built technical capacity, and supported innovative financing structures that have attracted both local and international investors. To date, the program has supported the issuance of over USD 60 million in green bonds by Cambodian companies, with over USD 100 million more in the pipeline.

Apply now:  https://www.serc.gov.kh/english/m86.php?pn=8&no=3

(Please review the details in the Information Note before submitting your application. The application materials can be found in the link above. To submit the final application, please send it by email to sut.samedy@gggi.org with cc to t_sokphalline@serc.gov.kh and with the subject line: RFA- GSS-BOND no later than August 31, 2025 at 23:59 ICT.)