ABA Bank invests $30 million in the development of Techo International Airport
ABA Bank announces its investment of $30 million in the corporate bond issued to fund the development of Techo International Airport (formerly known as the new Phnom Penh International Airport).
The signing ceremony for the investment was held on December 14 between ABA Bank, Overseas Cambodian Investment Corporation Ltd. (OCIC), and Cambodia Airport Investment Co., Ltd. (CAIC). Strongly endorsed by Samdech Techo Hun Sen, the airport is expected to become a large transportation hub and to increase the country's investment and tourism attractiveness.
Askhat Azhikhanov, the CEO of ABA Bank, commented on the investment, "We are proud to participate in the construction of this landmark achievement of Cambodia, Techo International Airport. Here at ABA, we believe that this impressive project will not only advance Cambodia on the economic map of the region but will also give an impulse to the further growth of the tourism and logistics sectors of the Cambodian economy."
The investment aligns with the Mission of ABA, where the Bank sees itself working in partnership with Cambodian businesses and people.
The Bank has been continuously contributing to the steady development of the country. As such, ABA shareholders invested $1.2 billion to the capital of the Bank, including almost $1.1 billion in equity and $100 million in subordinated debt. ABA shareholders believe in the potential of the Cambodian economy and re-invest all profit in the further development of ABA and its staff.
To support the socio-economic and infrastructure development, ABA delivered $200 million of taxes in the state budget in the last five years. The Bank was honored to receive Appreciation Letter from Samdech Techo Hun Sen for the contribution to the national economy as the 12th largest taxpayer in Cambodia in 2020.
ABA assists the real sectors of the economy via financing sustainable and productive businesses of all sizes and has already provided $5.2 billion in loans. Currently serving almost 2 million customers, the Bank also develops the country's digital infrastructure that facilitates the local economy to be more effective. The ABA Mobile banking application alone helped businesses and individuals process around 400 million transactions worth $210 billion in the last five years.
ABA's strong commitment to the country's development can also be seen in its employing almost 7,000 professional local staff at 80 branches and outlets, constantly investing in staff training and development.
In line with its Corporate Social Responsibility principles, ABA Bank regularly participates in donations and charity programs during its business. In the last three years, the Bank has provided around $1.5 million in aid, having supported the health sector, sports, education, financial inclusion activities, and the government's efforts in fighting Covid-19.
With the $30-million investment in the Techo International Airport guaranteed bond, ABA Bank again expresses its commitment to contribute further to the economy and well-being of society in line with the development strategy of the Royal Government of Cambodia.
OCIC is the largest investment group and local conglomerate in Cambodia. The company's core expertise is in real estate development, construction, property management, education, medical, shopping mall, hotel, rice mill, manufacturing, etc. with notable projects such as Techo International Airport, Diamond Island City, Norea Island, Chroy Changvar Satellite City, and Olympia City Complex.
CAIC is a joint venture between the Royal Government of Cambodia (RGC) represented by the State Secretariat of Civil Aviation and OCIC. The RGC has granted CAIC the rights to own, design, construct, finance, operate, maintain and manage Techo International Airport Project.