03/12/2010
FinChannel.com
The FINANCIAL -- The Asian Development Bank (ADB) Board of Directors on December 2 approved a loan and grant of $15 million equivalent to the Government of Cambodia to promote the development of a sound, market-based financial sector.
According to ADB, the loan and grant will finance the final subprogram of the Second Financial Sector Cluster Program, which incorporates reform actions designed to improve public confidence and financial intermediation, strengthen sector resilience, promote good governance, and enhance system efficiency.
Key actions of the program include steps to improve check clearance and settlement amongst commercial banks and the government, regulations to guide interbank transactions, the promotion of deposit-taking by microfinance institutions in compliance with new prudential requirements, and improved prudential supervision of banks and microfinance institutions. It also promotes greater transparency in the insurance industry, measures to combat money laundering, and a new integrated accounting system at the National Bank of Cambodia.
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