Cambodia and Asian Development Bank (ADB) have discussed development projects to further boost Cambodian economic performance.
The discussion was made between H.E. Vongsey Vissoth, Secretary of State at the Ministry of Economy and Finance and visiting Executive Director of ADB Mr. Anthony McDonald at the ministry here in Phnom Penh recently.
Mr. Anthony McDonald informed H.E. Vongsey Vissoth of the bank's corporate strategy 2030 as well as its Cambodia's country partnership strategy 2019-2023 focusing on quality infrastructure strengthening, human resource development, regional cooperation and beyond.
According to the executive director, the strategies are very well aligned with the Rectangular Strategy Phase IV, National Development Strategic Plan 2019-2023, and Public Investment Management System Reform Strategy 2019-2025 of the Royal Government of Cambodia.
H.E. Vongsey Vissoth spoke highly of ADB's partnership with Cambodia, and the Kingdom considers the bank as a strategic partner for economic development.
The five-year Country Partnership Strategy (CPS) of ADB for Cambodia lays out the bank's support for Cambodia's goal of becoming an upper middle-income country by 2030.
Under the strategy, ADB will provide US$1.45 billion in loans, grants, and technical assistance for agriculture and natural resources management, improve urban and rural living conditions, renewable energy infrastructure, and education and skills development.
Supporting public sector reforms and improving institutional capacity will remain at the core of ADB's programme, and these initiatives aim to improve the access to and the quality of services for Cambodians, as well as the business environment.
Since 1992, ADB has financed 172 development projects in Cambodia worth about US$3,485 million, of the amount US$2,983 million are loans, and US$502 million are grants.
Source: Agency Kampuchea Press