ADB Extends US$275.8m to Support Cambodia’s Development

Prathna​​   On May 19, 2020 - 11:22 am​   In Cambodia Insider   0  
ADB Extends US$275.8m to Support Cambodia’s Development ADB Extends US$275.8m to Support Cambodia’s Development

The Asian Development Bank (ADB) has committed US$275.8 million in loans and grants to Cambodia in 2019 to support the Kingdom’s development.

The figure was highlighted in the ADB’s Annual Report 2019, released today. It provides a comprehensive account of the operational and financial results of ADB in 2019—the first full year of implementation of the bank’s long-term corporate strategy, Strategy 2030.

The ADB’s financial aids particularly covered the areas of energy, finance, human resource development, rural water supply and sanitation, agriculture and so on.

The report also raised some major projects and programmes kick-started within the year and they are still going on as follows:

• National Solar Park Project of US$7.6 million to reduce the cost of electricity through private sector investments in renewable energy. These plants are expected to avoid emissions of at least 148,650 metric tons of carbon dioxide equivalent annually.

• Inclusive Financial Sector Development Programme (Subprogramme 2) of US$40 million to increase access to finance and introduce new financial services for poor communities, including in rural areas, the agricultural sector, and small and medium-sized businesses. The programme supports the adoption of a national financial inclusion strategy; key legislation, including the Trust Law, e-Commerce Law, and Consumer Protection Law; and incorporation of financial literacy in the school curriculum.

• Skills for Competitiveness Project of US$60 million to develop human resources to work as skilled workforce in four priority sectors, namely manufacturing, construction, electricity, and electronics.

• Third Rural Water Supply and Sanitation Service Sector Development Programme of US$49 million (US$4.4 million is grant) to further promote rural water supply and sanitation (RWSS) services by expanding the number of provinces from six to eight (Banteay Meanchey, Battambang, Kampong Chhnang, Kampong Thom, Kampong Speu, Kampot, Pursat, and Siem Reap), and serving about 600 villages.

• Irrigated Agriculture Improvement of US$119.2 ($2.2 million is grant) to strengthen the climate resiliency of critical agricultural infrastructure; commercialise production of rice, maize, cassava, and mango; and promote agricultural productivity and diversification.

According to the report, ADB’s projects, programmes, and other development support for its developing members in Asia and the Pacific amounted to US$33.74 billion in 2019.

Established in 1966, it is owned by 68 members—49 from the region.

Comments
Tags