ADB provides US$332 million for Cambodia to boost economic recovery


PHNOM PENH, Dec. 8 (Xinhua): The Asian Development Bank (ADB) has signed up to provide US$332 million for Cambodia to support its response to COVID-19, further develop the financial sector, build urban infrastructure and help improve the road network.

Cambodian Minister of Economy and Finance Aun Pornmoniroth and ADB acting country director for Cambodia Anthony Gill signed the loan and grant agreements for 30 million dollars for Greater Mekong Subregion (GMS) Health Security Project, US$180 million for Livable Cities Investment Project, US$82 million for Road Network Improvement Project in the second phase, and US$40 million for Inclusive Financial Sector Development Program, said the lender's press release.

"As Cambodia's long-standing development partner, ADB is committed to supporting the country's economic competitiveness and inclusive development," Gill said.

"The projects will boost Cambodia's economic recovery by improving health facilities, financial inclusion, infrastructure and urban services at strategic locations, including road networks," he added.

The GMS Health Security Project is aimed at improving laboratory services and infection prevention control at 81 provincial and district hospitals across Cambodia, the press release said, adding that it is expected to boost disease surveillance and response systems, Covid-19 outbreak management and contact tracing at central, provincial, and district health agencies.

The Livable Cities Investment Project will help provide better wastewater and solid waste management services to more than 140,000 residents in Bavet, Kampot, and Poipet cities, it said.

The second phase of the Road Network Improvement Project will rehabilitate 48 kilometers of national and provincial roads in Prey Veng and Kandal to boost economic development along the GMS Southern Economic Corridor, the press release said.

It added that the Inclusive Financial Sector Development Program will help the Cambodian government expand access to credit of micro, small, and medium-sized enterprises, implement reforms to boost financial stability, and upgrade financial sector infrastructure. - Xinhua

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