Monday, June 27, 2022
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home ASIA Cambodia

80% of $965 million ADB financing aims to boost Cambodia’s long-term growth

May 30, 2022
in Business, Cambodia, National
0
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter

About 80 percent of the proposed $965 million Asian Development Bank (ADB) financing for Cambodia will be spent on priority projects such as infrastructure development, finance, agriculture, education and health, officials told Khmer Times.

The government and ADB are still in the process of negotiation, while Cambodian officials will hold internal discussions from next month to identify the projects under the Indicative Country Pipeline and Monitoring (ICPM) 2023-2025 initiative.

Chhuon Samrith, Director General of the General Department of International Cooperation and Debt Management, told this newspaper that Cambodia will need to conduct a detailed study¬ on the projects within a year and follow all the procedures before both parties could sign a financing agreement and project implementation pact in 2023.

Ministries that would be involved in the planned financing for 24-32 years under the ICPM framework include public works, agriculture, rural development, water resource, education, mines and energy.

“Those projects will be related to connectivity such as roads and bridges, which means the financing will be used on projects that support long-term economic growth,” said Samrith, adding that 80-90 percent of the financing would be loan with 1-1.5 percent interest rate, while the rest would be grant and technical assistance.

Eng Touch, Deputy Director General of General Department of Budget, told Khmer Times that ADB strategies of financing match the rectangle strategies and national development programmes of Cambodia to boost economic growth.

Vongsey Vissoth, MEF secretary of state, said during a meeting with ADB Group Board — Tony McDonald and Takahiro Yasui, who visited Cambodia from 24 to 30 this month — last Thursday that ADB’s financing and technical assistance are very important for Cambodia’s economic and social development.

The visit of the ADB Group Board to Cambodia aims to review the progress of ADB-financed projects in the country and understand the opportunities and challenges in the country and the region as a whole in the wake of Covid-19.

The ADB Group Board also praised Cambodia for its success in the fight against Covid-19 as it not only maintained macroeconomic and social stability during a hard time but also managed to fully reopen all sectors in the country. The group also praised Cambodia for its steady progress and development.

The ADB Group Board delegation visiting Cambodia included Tony McDonald, Executive Director for 13 Asian countries, Takahiro Yasui, Executive Director for Japan and Sergio Lugaresi, Executive Director for six European countries.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: ADBCambodia
Previous Post

RCEP best example of inclusive, rules-based trading system: Cambodian Prime Minister Hun Sen

Next Post

Cambodia Airways kickstarts new direct flight between Phnom Penh and Ko Samui

Related Posts

Cambodia’s Pailin Province aims to attract more tourists with Otavao Waterfall attraction

Cambodia’s Pailin Province aims to attract more tourists with Otavao Waterfall attraction

by Khmer Times
June 27, 2022
0
15

Pailin Province continues efforts to build and strengthen its tourism sector through clean-up and development projects in the province. The...

The export price for Cambodia rice hike due to global food insecurity driven by Russia-Ukraine conflict

The export price for Cambodia rice hike due to global food insecurity driven by Russia-Ukraine conflict

by Khmer Times
June 24, 2022
0
12

The price for Cambodia’s rice export continues to rise due to prolonged global food insecurity driven mainly by on-going Russia-Ukraine...

Two new varieties of Cambodia rice launched for international market

Two new varieties of Cambodia rice launched for international market

by Khmer Times
June 24, 2022
0
15

The long and slim kernels SKO rice stands for Sen Kro Oub and DSMK stands for Damneob Sbai Monkul. These...

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!