PHNOM PENH: Agent21 Global and Shinhan Bank Cambodia PLC have joined forces with Korean investors to develop a staggering 500,000 to 1 million affordable homes for low- and middle-income families across Cambodia from 2024 to 2030.

This large-scale initiative was solidified through a Memorandum of Understanding (MoU) signed on February 27, 2024, between the aforementioned parties and GRID WORLD Co., Ltd and ONE Khmer Partners., Co Ltd.

The MoU outlines collaboration in managing and financing affordable housing projects, ensuring affordability aligns with local living standards. The houses will also showcase a contemporary Khmer architectural style.

Ms. Ly Chanralaksmey, Governor of Agent21 Global, emphasized their vision. The project aims to transform Cambodia's suburbs and rural areas by providing beautiful, contemporary Khmer-style houses surrounded by nature. This initiative aspires to achieve a level of order comparable to Phnom Penh's Boreys (gated communities) while simultaneously creating a tourist destination. Ultimately, the project seeks to improve lives, foster happy and dignified living, reduce poverty, and contribute to national development under the Royal Government's leadership.

The project will benefit from Korean expertise and financial backing. Representatives from GRID WORLD Co., Ltd., ONE Khmer Partners., Co Ltd., and Shinhan Bank all expressed their commitment. Shinhan Bank, in particular, highlighted its focus on promoting effective and environmentally friendly banking and financial services to support the project's implementation. This includes a specific focus on financing affordable housing for low- and middle-income families, civil servants, and newlyweds.

Both Kim Hyung-yeol and Park Hee-Jin, CEOs of Shinhan Bank in Cambodia, expressed strong interest and confidence in managing project operations within Cambodia and pledged active involvement.