NA Approves Draft Law on Insurance

30 June 2014

The draft law on insurance was approved by 66/66 lawmakers. The draft law on insurance is one of the 15 draft laws endorsed by the NA during its 2nd session of the 5th legislature from 1 April to 30 June 2014.

The main aim of the draft law is to strengthen the management and monitor the insurance business so as to promote honest competitiveness and transparency in the insurance sector for the public interests. The draft law on insurance is an amendment of the former law on insurance. This 14-chapter of 114-article draft law will cover all insurance business activities including general insurance, life insurance, and micro-insurance in Cambodia.

Last year, the total premium revenue of the sector was US$43 million, while the total assets reached US$111 million. This sector employs some 3,500 workers.

Source:

http://www.akp.gov.kh/?p=47110

Japanese FM arrives in Cambodia, 143 mln USD aid deals to be signed

30 June 2014

Japanese Foreign Minister will sign to provide more than 143 million U.S. dollars to Cambodia.

Japanese Foreign Minister and Cambodian Foreign Ministry will hold bilateral talks with his Cambodian counterpart and the two ministers will sign grant aid and loan agreements. The aid includes a grant of 8.3 million U.S. dollars for education sector and a soft loan of 135 million U.S. dollars for electricity grid development, road improvement project and irrigation and drainage rehabilitation scheme.

Besides, He and PM Hun Sen will officiate at the inauguration ceremony of a Japanese-invested AEON Mall in Phnom Penh which Cambodia's largest modern market at a cost of 205 million U.S. dollars.

Source:

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140629/japanese-fm-arrives-cambodia-143-mln-usd-aid-deals-be-signed

Japanese chain to open hotel in 2015

30 June 2014

The Toyoko Inn, which is a joint venture between the Overseas Cambodia Investment Corporation (OCIC) and a Japanese budget, business hotel chain, is slated to open in May 2015.

OCIC project manager said that construction of the Toyoko Inn has reached 23 floors since building started on 12 December 2012. More than 300 rooms are now being outfitted. Meanwhile, he said, the total cost for the investment in land and construction totaled some $14 million, excluding hotel fittings.

His hotel chain was also interested in Cambodia due to the increasing numbers of foreign investors entering the market, a trend that is likely to continue, looking ahead to economic integration with ASEAN next year.

Source:

http://www.phnompenhpost.com/post-weekend/japanese-chain-open-hotel-2015

National Assembly Passes Five-Year $26.6B Spending Plan

30 June 2014

The single-party National Assembly on Thursday approved the 2014 to 2018 National Strategic Development Plan (NSDP), which will cost an estimated $26.58 billion to implement. An extradition agreement between Cambodia and Vietnam was also passed.

Drawing on domestic and foreign financing, including capital investment from the public and private sectors, the ambitious five-year plan will require approximately $5.3 billion per year to see through. As a result, GDP [gross domestic product] per capita reached approximately $1,040 by the end of 2013 and saw the poverty rate drop to less than 20 % as of 2014.

According to a statement by the Ministry of Planning “The list of indicators to track, monitor and evaluate the implementation of the NSDP 2014-2018 has been adjusted from 63 to 67 indicators, 20 indicators for development goals and 47 relating to results, while 80 more have been added to the annex.”

Source:

http://www.cambodiadaily.com/news/national-assembly-passes-five-year-26-6b-spending-plan-62578/

Angkor Gold confirms $10m partnership deal

30 June 2014

Cambodian firm Angkor Gold Corp (ANK) on Thursday finalised a partnership agreement with Hong Kong firm Tohui Beishan Property Group Holding Limited (TG) worth more than $10.4 million.

According to a company statement issued on the Toronto Stock Exchange, ANK granted the Hong Kong firm 7.9 million shares in the company at $0.285 per share, valued at $2.25 million. In addition to the share sale, ANK has granted TG the option of purchasing a further 7.9 million shares at $0.5 per share (valued at $3.95 million), and the option to purchase 15 % of the gold exploration company’s Cambodian operations for a price tag of $4.28 million.

ANK’s locally wholly owned subsidiary, Angkor Gold Cambodia, has for the past five year operated gold exploration operations in Ratanakkiri province under seven separate exploration licenses issued by the Cambodian government.The firm’s exploration area covers more than 1,440 square km of the far northeastern province.

Source:

http://www.phnompenhpost.com/business/angkor-gold-confirms-10m-partnership-deal