World Bank applauds Cambodia for success in financial industry

15:34, June 08, 2010      

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World Bank applauded Cambodia on Tuesday for a success in financial industry.

Delivering speech at the opening of the workshop on corporate governance in Phnom Penh on Tuesday, Qimiao Fan, World Bank's country manager said "the success of Cambodia's finance industry is proof that improving corporate governance works. Thanks to the national bank of Cambodia's regulations and standards, and close supervision, many of Cambodia's commercial banks and microfinance institutions have raised their standards of corporate governance and been rewarded with greater investment."

Qimiao Fan also prospected that Cambodia will have a promising future due to its geographical location and the growth in many sectors.

"Along with a number of sectors with strong growth potential, a young population with a lifetime of work ahead of it, a stable society and a good geographic location close to much large markets in Asia, Cambodia has a promising future, and especially so if its financial institutions and enterprises offer the comparative advantage of good corporate governance," he said.

Chea Chanto, governor of the National Bank of Cambodia said the recent bad experience of the world financial crisis taught Cambodia the hard way about how the failure of bank and financial system can impact livelihoods. "It is important that countries such as Cambodia take stock of this lesson and seek to avoid a repeat in our own banking and financial system," he said at the workshop titled "Corporate Governance for Banking and Financial Institutions."

He said having learned from the Asian financial crisis, the National Bank of Cambodia has taken a series of measures to better supervise and regulate the banking and financial system in the country.

Chea Chanto, meanwhile, said banks have an overwhelmingly dominant position in the country's financial system, representing more than 90 percent and are extremely important engines of economic growth, citing they are the source of finance for the majority of firms.



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