Cambodia has signed on to a new World Economic Forum-backed initiative that aims to fund infrastructure projects in developing countries, the organization’s Asia-Pacific regional head said on Monday during a news conference at the Public Works and Transport Ministry.
Organizer Justin Wood made the announcement ahead of the start of the World Economic Forum on Asean in Phnom Penh on Wednesday.
The Asean Infrastructure Hub will be launched at the opening of the three-day conference, Mr. Wood said.
“If you look at Asean, there is a huge lack of investment in infrastructure” because risks are high and governments cannot afford to back costly projects, he said.
The first of its kind globally, the hub will raise funds from developed countries and private investors for projects across the region, offsetting the risks of long-term investment in infrastructure, he said.
About 700 people, among them business leaders and government officials from across Asean, including Philippine President Rodrigo Duterte, the chair of the bloc this year, have registered to attend the Asean conference, the forum said on Monday in a news release.