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Angkor Resources Receives International Attention Regardingits ESG Projects
February, 2024, the European Union’s Manager on Governance, Democracy and Human Rights, the CEO of CORD
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Above: Viseth Keo explains some of Angkor’s ESG activities to delegation from
In early 2022, Angkor initiated the research for the project on the Andong Meas license when it heard and saw the impact on the communities. Angkor then asked for collaboration with
The disturbing results of baseline surveys completed in communities provided results like the first community of 58 families, of which90% of the families completing the survey illustrated:
Average household debt (
$4500 ) exceeded annual income$243,000 total MFI debt for 53 households on1/1/22 (not including informal debt).Increased stress, mental health issues, suicide, and general health decline
Multiple loans, using one MFI to borrow from to pay another MFI
A lack of understanding of what people were signing and no explanation or discussion of repayment obligations and failure to pay.
Although several NGOs were working with Indigenous Communities on the issue, the project appeared to only gain traction when Angkor, as a foreign investor company in
Therefore, the needs assessment and baseline data led to the development of the FinLit project. The program started in three communities and has grown to provide 46 training programs to 41 villages, each in their own native language. The results have been significant and initiated reforms by the government and MFIs while numerous other communities have requested the FinLit training as well.
Part of Angkor’s Environmental, Social, Governance (“ESG”) platform, which run parallel to the exploration and development activities, is to undertake needs assessments with the surrounding communities and assist in activities for communities to gain control of their livelihoods and manage their needs. Angkor also integrated Cambodia’s first national agreement between industry and indigenous communities for stakeholder benefits. The top requests from communities continue to be:
improved education especially in English and computer applications;
improved health care with clean water and sanitation solutions;
economic development and employment/skillset training and
security of land title and ownership.
SURVEY DATA
COMPARISON OF HOUSEHOLD DEBT AND GDP PER CAPITA
CAMBODIAN HOUSEHOLDS
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Source: average household loan was obtained from
The delegation was also interested in the practices of education and health access from the training center to the latrine and clean water projects. Ongoing collaborative projects like enhanced livelihood from bamboo and economic development with skillset development were discussed during the presentation.
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Above: Ongoing FinLit training in villages and computer applications instruction at Angkor’s training center.
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CONTACT:
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