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Cambodia Signs US $390 Million Financial Agreement with ADB and AFD

PHNOM PENH: On Thursday, 22 December 2022, the Ministry of Economy and Finance signed a financial agreement with the Asian Development Bank (ADB) and the French Agency for Development (AFD) on six projects totaling more than US $381 million, along with one nearly US $2 million technical assistance project, to support the development of the energy sector in Cambodia.

The Minister of Economy and Finance, DPM Aun Pornmoniroth, the French Ambassador to Cambodia, Jacques Pellet, ADB Representative in Cambodia, Jyotsana Varma, and AFD Representative in Cambodia, Sandrine Boucher, together signed onto a joint agreement for six projects to support the implementation of an energy development program, on Thursday morning, 22 December, at the Ministry of Economy and Finance.

According to the Finance Ministry, the six projects are worth a total of US $381.45 million, plus a US $1.7 million technical assistance project.

The six projects to be implemented are:

1) The Energy Transition Sector Development Program, Subprogram 1, which aims to support Cambodia's transition to clean energy and promote sustainable economic growth, a green economy, the reduction of carbon emissions, and the promotion of competitive investment in the energy sector through public-private partnerships.

2) The Sustainable Marine and Coastal Fisheries Project, which aims to develop a maritime institution and infrastructure.

3) The Transboundary Animal Diseases Project, and the promotion of animal value chains, with the main purpose of promoting productivity, quality, trade, diversity, expanding animal husbandry, improving livestock health, and expanding climate-friendly agribusiness value chains.

4) The Greater Mekong Subregion Border Areas Health Project, aimed at improving access to health care for people living along the border, and to provide financial support for health care services for migrants.

5) The Trade and Competitiveness Program, Subprogram 1, which aims to boost trade efficiency and competitiveness in Cambodia.

6) The Science and Technology Project in Upper Secondary Education, which aims to improve the quality and efficiency of secondary education.

ADB has provided a total of US $4.77 billion in cooperative financing, of which US $4.2 billion was provided in concessional loans for the implementation of 130 projects and programs, and grant funding totalling approximately US $568.45 million for the implementation of 69 projects and programs.

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