Phnom Penh, Cambodia – 11 July 2025 – The Ministry of Environment (MOE), in partnership with the Global Green Growth Institute (GGGI), has officially selected three Cambodian banks—Foreign Trade Bank of Cambodia (FTB), ACLEDA Bank PLC., and Advanced Bank of Asia Limited (ABA)—to receive technical support for GCF accreditation requirements. While all banks will receive technical support, FTB is nominated as a primary candidate to submit its accreditation application to the Green Climate Fund (GCF) in the second half of 2025.

This milestone announcement follows a year of collaborative capacity-building and months of rigorous institutional gap assessments under the GCF Readiness project which is being implemented by GGGI and funded by the GCF.

GCF is the world’s largest dedicated climate fund, supporting developing countries to respond to climate change by investing in low-emission and climate-resilient development, and the GGGI-led, GCF Readiness Project, has been crucial in expanding the government and private sector capacity and helping them navigate the complex landscape of climate finance.

H.E. Dr. Chuop Paris, Secretary of State, Ministry of Environment, said, “The nomination of all three banks is a testament to Cambodia’s inclusive and forward-looking approach to climate finance.” Dr. Paris continued “Our strategy is to build a robust pipeline of capable institutions that can access and manage international climate funding. While FTB is nominated to proceed first, ACLEDA and ABA are integral to this national effort and remain key partners in Cambodia’s climate finance ecosystem.”

The selection process was informed by comprehensive institutional gap assessments conducted by GGGI and its consultancy partner Global Factor. Evaluations focused on fiduciary capacity, environmental and social safeguards (ESS), and gender policies. The outcomes were validated through consultations with stakeholders and endorsed by the NDA Management Team.

“GGGI commends the Ministry of Environment for leading a participatory and transparent process,” said Ms. Shomi Kim, GGGI Cambodia Country Representative. “GGGI aims to empower local institutions to effectively access international finance and develop large-scale climate projects. Therefore, this readiness support lays the foundation for achieving this mission and attracting more climate finance to Cambodia in a sustainable manner through local financial institutions.”

Moving forward, MOE and GGGI will support FTB in preparing its action plan and full accreditation submission online application while continuing to build the capacity of all three banks—ensuring a broader foundation for sustainable finance in Cambodia.

(Picture: GGGI-led GCF Learning Visit in the Republic of Korea in April 2025)