 Ieithaf, dyna'r unrhyw i'r ddechrau a'r pedig yw'r FFFF. Ieithaf, mae'r FFFFF yn ddod i'r cyfnod. Mae'n ddod i'n ddisgrifennu ymddiol, mae'n ddod i'r rhesymu'r syniad i'r ffermwyaf FFFF. A dyna er mwyn ISE, a'r un i'r un oeddenoedd sy'n blaenwyr sy'n ddau'r tikio nod yn dweud o'r cynhyrchu Mariohhol i'r oesidau. Mae'n meddwl i fynd i'r un i ddweud agn禽lu 35, gyda'r benderfyniadau ffondi Gweinwyr o'r eatsbwyng. Mae'n ddegwyd pan dechrau sy'n deud a hynny'n ddegwyd cymunedolol, yn gyflosio gyda'r un oeddennydd COP 21'r arbennig. Mae ydych i'n sgolio'r ddisgrifennid. the public private coreparation here absolutely essential. The sustainable partnership, and development investment partnership has been active in Africa for some time now and has one partner and a thriving hub with a number of private sector and public sector organisations. This is a session to announce its first African but Asian partner, Cambodia. Y rwy'n meddwl i'r hwnnw'n gweithgol yw'r gennwys han Alun, saidio Hunzen, y Prif Weinidog, a'r caen dŵr mewn Cymbodi. Wai'r iddiol wedi'i pleidio gyda'r cofod o gyfaint o gyfaintol ym Mhwylyn Gyffredinolol. Diolch i fynd i'r newid iawn, a'r gwahanol ac i'r ddweud gyda'r ddaf y gyffredinol. Rwy'n meddwl ei chyfgrifennu hwnnw'n meddwl â Patrick Dlamoni. He's a chief executive officer, managing director of the Development Bank of Southern Africa. But I'm going to hold it there. Hopefully, Patrick will join us. But most importantly, I'd like to pass the floor to his excellency, the Prime Minister, who's going to give us an indication of the rationale for Cambodia to become the first country in Asia to sign up to the SDIP partnership. Adam, Llywodraeth Cymru. Excellencies, ladies and gentlemen. Sathau rhanig o'ch broomchaialityd, sy'n cyfath y sydd i ddeallu llyfr yn deallu'r ysgros. Os byddo'i hyn sy'n cyffaldu'r sgwpeth, byddwyd yn cael eu cynnig o'ch bwysig, a'i ddeallu'r reuherodyniad sy'n bwysig. Cyfathrodd yn ystafell i'r fathio'r mecanocedlaethau dgnosiaid y SDIP, infrastructures in Asia. We have Asia Highway, Asian Highway, the Asian, the Singapore, Cymru and Railroad. Mae yw'n neud pe bwm môl sy'n garaitha'r bwmogradd, bwmogradd haf i barhau'r neud maen nhw'n bwmawr ar beth, nhw'n phaen ti ddaeth bwm gwt yw'r cwmrwng cael plynyddiwg, gyw pethau sy'n mynd pe bwmig clang yno. If we mobile all the speech that head of state and government deliver on the infrastructures or they plan the project of the infrastructures, it could be stored in two or three warehouses. And what is the main problem for that? It's financing that needs to support this project. But it's lucky for countries that China initiative with one belt of one road and the zero fund of 40 billion US dollars. In including in the establishment of the Asian infrastructures investment bank. But I think that's still it's not enough. You need to mobilize all resources from the private sectors to support the project of the infrastructure development. Seeing this importance of the investment of the private sectors for the sustainable development of infrastructures that have been signed agreement for the collector financing. I think this is an establishment of the joint financing for infrastructures which is I think the win-win policies. Thank you for your attention. I get myself prepared to answer any question if there is any. Thank you. Before we go to questions, I'd just like to offer the floor to Kiko Honda, the chief executive as I mentioned earlier of the multilateral investment guarantee agency. Kiko, I'd like you to do three things if I may. First of all, talk to us a little bit about your role in the partnership as a member. Perhaps also you could give us some context on the importance of infrastructure with regards to the sustainable development goals. And also I noticed we have some African journalists in the room as well so perhaps because the partnership is quite well evolved in Africa. Perhaps you could give us some Africa context as well as Asian. Sure. Thank you very much. Miga multilateral investment guarantee agency is agency of the World Bank Group. It was set about 28 years ago to support foreign direct investment or the close border private investment to developing countries by providing risk mitigation. There are five typical risks that private investors often need to hedge. First, transfer and conversion risk. Second, reach of contracts by governments. Third, expropriation by the government. Fourth, war and civil disturbance. And five, credit risk of the government. Including the sub-sovereign and SOE level, Miga provides specific coverage of those risks. So this is the role that we pray. Let's take an example of a private investor interested in investing for example in power generation in Cambodia. First, after generating power, they need to sell the power to the power company. In many developing countries, those power companies often SOEs or state-owned enterprises. So private investors enter into some contracts with them. The investor may have some concerns about potential breach of the contract, especially some treatment in case of termination of the contract. Miga can cover such risk with a breach of contract coverage. And let's move on to SDGs. Actually, infrastructure is a very important part of the sustainable development goal, but there is a huge gap in infrastructure financing. 1.5 trillion dollars, it's not billion, 3 trillion dollars. So between now and 2030, if the current investment pattern continues, we will under-invest in infrastructure by 11% per year. Since the public financing including ODA is limited, we need to leverage more private investment to fill this gap. Miga has been working with SDIP for about a year and a half. I have to tell you, SDIP is a great platform for multilateral development banks and the DFIs to walk together to looking at the pipeline project to solve the issues on difficult transactions. So let me briefly touch upon Miga's activity in Africa. By the way, World Bank Group's fiscal year is starting from July 1st and June 3rd. Please don't ask me why, I think it's a very interesting cycle, but that's what it is. So last fiscal year ended June 3rd. South Sahara Africa is the largest region for Miga to bringing private investors and extending the various different support, including South Africa. By the way, we are discussing with the Hadi Lightry support to extending our credit enhancement products to DVSA. Thank you very much. Thank you very much for joining us, Patrick Dlamini, chief executive officer, managing director, Development Bank of Southern Africa. You've been involved as a partner, I believe, also with SDIP for some time. The African partnership, part of the partnership, is very well-evolved. It's been launched at least, I think, two years. Can you talk to us a little bit about how you're helping transform and plug the infrastructure gap in your region? Thank you, George. My apologies, I was coming from another commitment. It really is a true honour for the Development Bank of Southern Africa to really play a role in the hosting and advancing the need of the UN in terms of the sustainable development goals. The SDIP is one such platform like no other, as it really hopes to give us access to global best practice. The OECD and WEF and therefore the SDIP will serve as well as the continent. We all know that actually the intra-regional trade within Africa is sitting at 13% in terms of the GDP. And why is it so low? It's because of the poor infrastructure network within the continent and therefore the continent can do with all the help in terms of experience, in terms of knowledge sharing, in terms of working with the non-governmental organisation and donors to help come up with this blended financing and also coming up with the early stage project PREP for many infrastructure projects on the continent. Here you're talking about the chronic shortage of power generation on the continent. You're talking about still very fragmented transmission lines between countries on the continent. Here you're talking about drinking and potable water for the people of the continent that still has a very long way to go. Here you're talking about ICT broadband infrastructure that is so important to help us leapfrog the current challenges both in terms of achieving our education and access to education for the people of the continent. You're talking about also making it possible for the people of the continent to access primary healthcare if we have technology that actually will allow access to every continent. This is actually talking to both terrestrial infrastructure as well as satellite infrastructure for rural areas. You hear, you also are talking about the transport infrastructure. We talked to the various corridors in terms of the north-south corridor, the western corridor, the eastern corridor, the Baranagara corridors that are a serious topic point at the AU Head of State Summit to say how do we translate these Peter projects into meaningful implementation on the ground. We are really pursuing a one-stop border post which will take the delays at border posts for people and goods moving between the African continent from days into a matter of hours and even minutes in certain times. So the competitiveness of our supply chain on the continent will benefit a great deal if we are able to really work well with our partners and sharing the best practice with our partners globally as well as in the continent and accessing the pool of prep funds for early stage development of our projects. It's an exciting time for us. Thank you and great to see this exciting time and traction is happening. We don't have a huge amount of time because we want to also fill in some time for the formal signing of the agreement with His Excellency, the Prime Minister. But let's see if there are any questions before we do this. Gentleman in the front row. Can you remind us where you're from, please, sir, and your name? Hello. This is Yongbong Park from Mail Business Newspaper South Korea. Could you please tell me some specific area or project you want to get some investment from foreign investors in Cambodia? As you know, this year, Asian-Asian celebrates 50th anniversary. So do we have any plan to extend more relationship with other Asian countries including Korea? Thank you very much for your question. We'd like to inform you that Cambodia, in 1987, we put forth four priorities. It has been put into practice for 30 years and it still continues to be our priority. The first priority is human resource development, which is necessary for Cambodia. In this year, we also get participated by the public sectors. In Cambodia, we have more than 100 universities run by the public sectors. The second priority is water. Cambodia is a Greek cultural country. We need the waters very much. On this year, we have very little participation from private sectors. The third priority is on electricity, which in Cambodia we need a big fund for investment, especially on hydroelectricity. So far, we also receive investment from private sectors in the hydroelectricities building as well as the transmission line. The fourth priority is infrastructure, transportation and telecommunication. So far, for the development on these sectors, we have some credit from the government of Korea, but no private sector participation yet. So far, we have three projects. One is to build the new airport. The second is to build the new air port. We have three projects. One is to build the new airport. The second is to have the highest speed road from Phnom Penh to Cung Phong Saoam, which is the deep sea part of Cambodia, and the third is the road from Phnom Penh to the borders of Cambodia and Vietnam. Now we need also the big fans to modernize the Cambodian railroad. I would like to welcome the representative from South Africa, in which I also met your president before. I'm Becky, in which he has been to Cambodia in the years to come. In which then we organized the Asian African Summit over there. Now we don't have a huge amount of time, but if we can do a quick question, sir, just in the back there. Hi, Omar Benyela from African Business Magazine. We know about the infrastructure gap in Africa, and when I speak to investors, they say that the traditional model of financing infrastructure has got to change. Basically in the past we've relied too much on government guarantees, and we know how stressed public finances are today. So what new models can we expect in the future, and where can MIGA and the DBSA get involved in financing these infrastructure investments without government guarantees? If I may, as a matter of fact, there is one MIGA DBSA joint project that is actually about to close. I think we will be closing in a few months. MIGA has been providing political risk insurance for 28 years. About five years ago we also added one product called credit enhancement. We do enhance the credit of some credit worthy municipality as well as SOEs, including DBSA, without having a sovereign counter guarantee. With this, DBSA essentially learned the options to invite the world's multinational commercial banks who actually typically have lower funding costs, which is pushing the finances costs down for the DBSA. That's our intentions, but I think maybe why don't I just going to invite the CEO of DBSA? How you were viewing about MIGA support. Thank you. I think that it's one of the fundamental areas actually to address when it comes to trying to drive these projects without government guarantees. Because you can imagine of the least development countries, I think there's about 46 globally, between D7 and D9 in sub-Saharan Africa. So most of these countries on the continent still depend on donor countries for donation. So the capacity of the central ffiskars to backstop these projects is extremely limited. We have actually a very specific case in point against fire power station in Tanzania that actually we are doing without government guarantees. Again, because when every time you insist on government guarantees you are limiting the government from doing other important projects. Economic infrastructure can be able to stand on its own if you are able to come up with credit enhancing mechanism. Like working with the likes of MIGA and working also on accessing blended financing to make sure that they actually are able to come up with structures that work for the projects. Because the economic infrastructure have got their own revenue streams that can be able actually to service the loan if well structured. So the best practice globally becomes very important for us in structuring these projects so that they become fundable and bankable and attractive. All that needs to happen from the government perspective will be for governments to ensure that the regulatory framework that underpins these projects is very transparent, is very confident building, the governance around them is also very transparent because once you have that you are creating comfort so that when these guys have to come for the project they can be able to crystallize the environment within which they are actually deploying their scarce capital. So it's very possible if we come up with good credit enhancement schemes and working with the right multilateral developments and international governments that are very keen and non-government organization to make sure that we access blended financing and global best practices. As Shio Dramini mentioned, not too much is relying on sovereign counter guarantee is one important thing. But I think another important thing is how we can leverage more private investors including in Cambodia. There are some part of the infrastructure investments such as power and transportations. I have to tell you ultimate beneficiary which is the kind of people of Cambodia, people of South Africa willing to bear the cost. Those are the areas that are relatively easy to bring private investors in. Having said that always some projects have some challenges then we really need private actually need some support. We are more than happy to provide support. IFC of the World Bank Group is more than happy to provide support. Sometimes we cannot really solve the problem where SDIP come in to convene not only MDBs but DFIs, countries, private investors and we actually have a regular conference call to talk specific project during the conference call and then solve the problem therefore project is going on. I think I mentioned our conference this initiative has been going on about year and half. That means significant number of the professionals in our organizations, private investors actually willing to spend a time on a call to discuss more project. I think that's the beauty of it. Thank you. Thank you very much. We don't have a huge amount of time now so we are going to use the remaining portion of this session. I am going to ask Excellency of the Prime Minister to sign the agreement document and the Minister of Finance is also going to join us. He has to sign. It's me. It's the Minister of Economy and Finance, Senior Minister Dr. Aun Pawn Monirah. He says the Prime Minister can vote him. Julie noted and my apologies for getting the vote. Photographers are more than welcome to come up to the front to take pictures close up. Do you want to move your cameras to the front? Thank you very much for joining us here for this very important signature session and press conference. This session is now over.