The Preah Srey Içanavarman Museum of Economy and Money, known as SOSORO) Museum, and the Association of Banks in Cambodia (ABC) have entered into a Memorandum of Understanding to enhance financial literacy among Cambodian youth. The MoU was signed on Wednesday at the SOSORO Museum in the presence of H.E Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC). Under the MoU, the SOSORO Museum and the ABC will work together to promote the understanding of Cambodia's monetary economic history as well as the educational experience of Cambodian youth by integrating cultural exposure with practical knowledge. The MoU underscores the commitment of the Cambodian banking sector to raise awareness on financial matters, particularly in fostering an environment of sustainable and inclusive finance through education. Under the MoU, several key initiatives have been outlined including Pooled Fund for Educational Visits; Bi-annual Visits; and Promotion of CSR in the Cambodian Banking Sector. 'Through this init iative, we align our efforts with ABC Cambodian Sustainable Finance Principles, demonstrating the banking sector's role in building capacity and raising awareness for a more sustainable and inclusive future,' said Raymond Sia, ABC Chairman. 'We believe that education enhances knowledge, and this collaboration is a direct investment in the future financial stability, the soundness and resiliency of the banking sector as well as the well-being of Cambodian citizens.'. 'This milestone cooperation will enable public schools to bring thousands of students to the SOSORO Museum in the coming year. I am grateful for the support of ABC and its members who once again demonstrate their commitment to the promotion of financial education, and ultimately inclusive growth in Cambodia,' said Blaise Kilian, Co-director of the SOSORO Museum. NBC Governor H.E Dr. Chea Serey said knowing the history in general, particularly the economic and monetary history, is necessary for the new generations to understand the past, and ther efore to provide a sound basis for making the present decisions that will shape our future. 'In this regard, it matters that everyone in society, regardless of their socio-economic background, receives maximum exposure to education and culture, at school and outside of the school,' she added. The MoU is effective immediately and will remain in force until Dec. 31, 2024, with the possibility of renewal. This collaboration is a testament to the power of partnership in driving inclusive growth, and the commitment of both organisations to the future of Cambodia's youth. Source: Agence Kampuchea Presse The White House announced a plan Wednesday to award Intel Corp. nearly US$20 billion in grants and loans, marking the Joe Biden administration's largest funding scheme under its initiative to strengthen domestic semiconductor production. The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in grants and $11 billion in loans under the CHIPS and Science Act, it said, as South Korea's Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co. are also expected to win grants. President Biden is set to make the official announcement on the agreement designed to support the construction and expansion of Intel facilities in Arizona, Ohio, New Mexico and Oregon, during a visit to an Intel campus in Chandler, Arizona -- one of the battleground states in the election season. His incentive program is part of a high-profile effort to reduce America's reliance on foreign chipmakers, revitalize domestic manufacturing and sharpen its global technology leadership , after it suffered supply chain vulnerabilities during the COVID-19 pandemic. Though semiconductors were invented in America, the United States produces less than 10 percent of the world's chips and none of the most advanced ones, the White House said in a fact sheet. The Biden administration seeks to produce 20 percent of the world's leading-edge chips in the U.S. by 2030. "Companies have announced over $240 billion in investments to bring semiconductor manufacturing back to the United States since the President took office. Semiconductor jobs are making a comeback," the White House said. In a separate press release, the Commerce Department noted that over the next five years, Intel expects its investments in the U.S. to exceed $100 billion as it expands capacity in Arizona, New Mexico, Ohio and Oregon, estimated to create over 10,000 manufacturing jobs and nearly 20,000 construction jobs. "This announcement is the culmination of years of work by President Biden and bipartisan efforts in Congress to ens ure that the leading-edge chips we need to secure our economic and national security are made in the U.S.," Commerce Secretary Gina Raimondo said. The CHIPS Act provides $39 billion in grants. The Commerce Department plans to invest about $28 billion of the total in incentives for leading-edge chipmakers, Raimondo has said. Wednesday's funding announcement would mark the fourth award of such a grant under the act, after the American subsidiary of BAE Systems Plc, Microchip Technology Inc. and GlobalFoundries were previously selected as beneficiaries. Source: Yonhap News Agency
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