The Cambodia Sustainable Bond Accelerator (CSBA) Programme launched on Aug. 4 its third phase and is now open for applications until Aug. 31, 2025.
Launched in early 2023, the CSBA Programme 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 programme 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.
Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC, 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 mobilise 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,” he said.
Since 2023, Cambodia’s bond market has doubled in size—from just over $200 million to more than $400 million in 2025.
This sharp growth reflects increasing investor confidence, active regulatory support, and the catalytic role of the CSBA Programme in accelerating sustainable bond issuances.
The programme has helped shape market readiness and laid the groundwork for broader private sector participation in green and sustainable finance.
The CSBA Programme 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 programme has supported the issuance of over $60 million in green bonds by Cambodian companies, with over $100 million more in the pipeline. AKP
