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IFC to help Cambodia's stock market regulator strengthen governance, regulation

PHNOM PENH, April 7 (Xinhua) -- The International Finance Corporation (IFC) signed a memorandum of understanding with the Securities and Exchange Commission of Cambodia (SECC) on Thursday to develop a roadmap for strengthening the country's corporate governance policies and practices.

"The partnership aims to improve transparency and bolster investor confidence in Cambodia's capital market, which will help entice more foreign investment to the country," IFC said a statement.

Under the memorandum, IFC and SECC will assess Cambodia's corporate governance standards and practices then devise an action plan to improve them, the statement said.

"With the support from IFC, the SECC will develop and implement a corporate governance code, which will set best practices for Cambodian listed companies to follow," it said.

"More foreign investment will lead to local job creation, a stronger business landscape and improved private sector efficacy."

SECC's director general Sou Socheat said good corporate governance standards and practices are prerequisites to the development of a strong and sustainable capital market.

"IFC and the World Bank will help us evaluate the existing regulatory framework to enhance our corporate governance practices," he said. "We will work together to raise market awareness of the importance of good governance, which will contribute to the sustainable development of Cambodia's corporate sector."

Kyle Kelhofer, manager of IFC-Cambodia, said the cooperation will help build a stronger policy framework and raise awareness of good governance practices in Cambodia's emerging private sector.

"This will help improve the competitiveness of Cambodian public and listed companies, thus making them more attractive for foreign investors," he said.

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