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Call For Application: Support on Issuance of Infrastructure Project Bond Issuance

with Branch of Cowater International Inc.
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BTDC-ID: 37380
Closing Date:

Expected Outputs

Call For Application: Support on Issuance of Infrastructure Project Bond Issuance

Announcement Description

1. Background

1.1 About CAPRED

The CAPRED Facility is Australia's flagship bilateral economic development program in Cambodia, focusing on economic recovery and resilience until 2027, with a possible three-year extension. The Facility supports Cambodia in implementing a range of important economic reforms to support the country's economic transition. These interventions and reforms aim to encourage more productive and inclusive public and private investment, promoting a resilient, inclusive, and sustainable economy (RISE).

CAPRED interventions fall under three technical components including Agriculture and Agro-processing; Trade, Investment and Enterprise Development and Infrastructure Development; and three Cross-Cutting components: Gender Equality, Disability and Social Inclusion (GEDSI); Climate Resilient initiatives, and policy support.

1.2 About the Support on Issuance of Infrastructure Project Bond

Cambodia's LDC graduation, aimed for 2029, will reduce its ability to access concessional finance. Continuous development and improvement in regulations and market functions, along with successful issuances of different types of securities, have enabled Cambodia's capital market to become a platform ready for raising capital much needed for continued development. It is a place where the private sector can access large-scale and long-term financing suitable for infrastructure projects.

Despite the readiness and rapid growth in bond issuance, the market's breadth and depth remain limited with a small number of issuances per year and an inactive secondary market. Lack of awareness among potential issuers of the financing opportunity and issuance process, limited experience and network of key market actors, and high upfront issuance costs compared to bank financing are limiting Cambodia from seeing a higher number of successful issuances and market deepening, despite the potentials and market demand.

Expected Outputs

Call For Application: Support on Issuance of Infrastructure Project Bond Issuance

  • Career Category: Call for Proposals
  • Location: Phnom Penh
Summary

CFA Number: CFA25-053

Project Name: Increase of Infrastructure Bond Issuance Through Issuance Support

Domain Name: Infrastructure

Program Duration: November 2025 – June 2027

2. CAPRED’s potential support package

CAPRED will provide financial support to reduce the issuance costs of infrastructure project bonds.

  • For bond issuance size of USD50 million and above,
  • Up to 25% of total issuance costs
  • USD10,000 for roadshows to reach untapped markets for Cambodia's securities (e.g., Australia, US, EU, etc.)
  • Maximum grant of both support is USD150,000 per bond issuance.
  • For bond issuance size between USD10 million to below USD50 million,
  • Up to 50% of total issuance costs
  • USD10,000 for roadshows to reach untapped markets for Cambodia's securities (e.g., Australia, US, EU, etc.)
  • Maximum grant of both support is USD150,000 per bond issuance.

Note:

  • Issuance costs refer to all costs required by a bond issuer to be able to issue a bond. These cost items include but are not limited to: 1. legal fees, 2. technical and ESG due diligence fees, 3. financial due diligence fees, 4. Registration fee at Securities and Exchange Regulator of Cambodia (SERC), 5. listing eligibility review fee by Cambodia Stock Exchange (CSX), 6. securities depository fee at CSX, 7. securities registrar fee, 8. guarantor fee, 9. underwriter/lead manager fee, 10. credit rating fee, etc.
  • Roadshow costs include all costs required for necessary personnel's flights, accommodation, meeting arrangements, etc.

3. Eligibility Criteria

3.1 Types of infrastructure projects

Types of infrastructure projects suitable for CAPRED support for infrastructure project bond issuance include:

  • Renewable energy:
  • Solar energy
  • Wind energy
  • Battery energy storage system
  • Special Economic Zone
  • Agro Industrial Pak
  • Water projects including water supply, wastewater and water security enhancement
  • Telecommunication

3.2 Status of the infrastructure projects

3.3 Documentation requirements

Please click the Attachment below for more information.

Submission Requirements

6. How to Apply

Interested bond issuers are invited to submit the application form in Annex 1 by 15 May 2026 to CAPRED's Procurement through the email address provided in the contact details. CAPRED will review the submitted applications on a first-come, first-served basis starting one week after this call is posted.

CAPRED will conduct an information workshop on this Call for Application. It will be hosted in the afternoon of 19 November 2025 to provide information and answer questions interested issuers may have.

During the workshop, there will also be a presentation from a Lead Manager or underwriter on the detailed process and requirements for bond issuances. Interested participants can register to attend the workshop through Mr. KANG Sinhly via email. CAPRED is also available to answer questions or provide more details on this call for application before and after the workshop. Please send to email provided in the contact details with “CFA25-0053- Increase of Infrastructure Bond Issuance - Enquiry” in the subject line.

Cowater International is an equal opportunity employer, basing employment on merit and qualifications as they relate to professional experience and position expectations. Cowater does not discriminate against any employee or applicant on the basis of race, religion, sex, gender identity, disability, age, or any other basis protected by law. CAPRED aims to have a diverse workforce and a workplace that is supportive of gender equality, disability, and social inclusion. Women, people with disabilities, and other minorities are highly encouraged to apply.

Attachment:
  • CFA25-0053-Increase of Infrastructure Bond Issuance
  • CFA25-0053- Annex 1- Application Form
 

Contact Details

Office Address
  • #GIA Tower G (G1701-G1710) Koh Pich City, 17th Floor, Sopheak Mongkol Rd, Sangkat Tonle Basak, Khan Chamkar Mon, Phnom Penh, Cambodia
 
Contact Name
  • Branch of Cowater International Inc.
  • Mr. KANG Sinhly
 
Phone
 
Email