AFD Highly Values Cambodian Government’s Economic Recovery Efforts

The French Development Agency (AFD) has lauded the Royal Government of Cambodia (RGC)’s successful efforts in controlling COVID-19 and economic recovery from the pandemic crisis.

The appreciation was made by Mr. Jean-Pierre Marcelli, newly appointed AFD Regional Director for South East Asia in a meeting here on Sept. 20 with H.E. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance.

“Mr. Jean-Pierre Marcelli highly valued the RGC for effectively controlling the COVID-19 spread, rapidly reopening the country and resuming the economic activities,” read the ministry’s statement AKP received today.

Mr. Jean-Pierre Marcelli reaffirmed the AFD’s commitment to continue to support the RGC by promising to increase cooperation financing for Cambodia in line with the current context.

For his part, H.E. Aun Pornmoniroth profoundly thanked and spoke highly of the AFD’s active contribution to Cambodia’s economic and social development through its financing to government’s development projects and to private sector.

Despite the successful control of the pandemic and resumption of socio-economic activities, Cambodia is still facing new challenges – increasing inflation and interest rates, economic slowdown in developed countries and China, and Russian-Ukraine war crisis as well as geo-political issues in the region and the world – which are having negative impact on its economic recovery and restoration process as well as the global economic recovery, H.E. Aun Pornmoniroth said.

“The RGC will continue its structural reforms focusing on priority sectors: logistics, energy, skills, digital, SMEs and trade facilitation as well as business and investment environment improvement to promote economic diversification, support growth, enhance competitiveness and boost exports both in the bilateral and multilateral free trade agreements as well as in regional investment relocation trend,” he said.

France, through the AFD, has provided a total of 888 million Euro (approximately US$882 million) for Cambodia in the last 30 years, of which 533 million Euro were concessional loan and the rest was the grant aid.

Mr. Jean-Pierre Marcelli said that French government maintains its annual financing cooperation between 100 and120 million Euro to contribute to the Cambodian economic recovery and development in the post-COVID-19 crisis in line with Cambodia’s national development policies and strategies.

 

 

Source: Agency Kampuchea Press