ABA Bank invest $30 million worth in bonds for the Techo International Airport in Cambodia

Advanced Bank of Asia Limited on December 14, 2021 decided to invest $ 30 million in bonds of Techo International Airport Construction Company to support the construction of this new airport. The signing ceremony took place between Overseas Cambodian Investment Corporation Ltd (OCIC), Cambodia Airport Investment Co., Ltd (CAIC) and ABA Bank for an investment of $30 million for the airport construction project. The investment proceeds from the bond will be used for the construction and development of the Techo International Airport project in Kandal province. The Techo International Airport project is currently at a 28percent completion at a cost of $ 375 million (excluding the cost of land already invested by CAIC). The bond interest rate of the bond is 5.5% per annum with a tenor term of 3 years and is guaranteed by OCIC. OCIC is one of the largest local investment companies in Cambodia specialising in the development of infrastructure, real estate, construction, real estate management, medical education, shopping, hotels, mills and production chains. Major projects undertaken by OCIC are the Techo International Airport, Koh Pich, Koh Nora, Chroy Changvar satellite city and Olympia City. CAIC is a joint venture between the Royal Government of Cambodia (RGC) represented by the Secretariat of State for Civil Aviation and OCIC. The Royal Government of Cambodia has authorised CAIC to design, build, finance and operate the Techo International Airport project. The Prime Minister of Cambodia Hun Sen on December 9, 2021, called on local and foreign banks and financial institutions to help purchase Cambodia Investment Ports (CAIC) bonds which is building the Techo International Airport. The Prime Minister stated that the participation in the purchase of the certificate is an access to the development of the new airport, which reduces the use of foreign capital, and the financial institutions also benefit from interest rates. This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily