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Ministry of Economy and ADB Sign $332 million Financing Package

PHNOM PENH: The Cambodian Ministry of Economy and Finance and the Asian Development Bank (ADB) have signed a US$332.05 million financing package to support Cambodia’s Covid-19 recovery to further develop the financial sector, build urban infrastructure and help improve the road network. For the next years, ADB is implementing investment projects totaling US$2.08 billion in Cambodia.

According to a press released by the ADB, the package has been signed on Wednesday by Minister for Economy and Finance, Aun Pornmoniroth and ADB Acting Country Director for Cambodia, Anthony Gill.

It will include grant agreements of $30 million for the Greater Mekong Subregion (GMS) Health Security Project, aimed to improve laboratory services and infection prevention control at 81 provincial and district hospitals across Cambodia.

The amount of $180 million will be granted for the Livable Cities Investment Project, for the benefit of 140,000 residents of Kampot, Poipet and Bavet, providing water and solid waste management services. Another $82.05 million will be invested for the Phase 2 of Road Network Improvement Project, rehabilitating 48 kilometers in Prey Veng and Kandal provinces.

An Inclusive Financial Sector Development Program of $40 million will help the government expand access to credit among micro, small, and medium-sized enterprises, to boost financial stability and upgrade financial sector infrastructure.

ADB’s lending pipeline for 2021–2024 includes US$1.38 billion in concessional lending and US$36.8 million in grants to support the country’s economic development and recovery from the COVID-19 pandemic.

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