Asian Development Bank pledges support for Cambodia’s finance sector

Minister of Economy and Finance Aun Pornmoniroth (left) and Winfried Wicklein, director-general for South-East Asia at the ADB, during his two-day visit to Cambodia last week. - Phnom Penh Post/ANN

PHNOM PENH (Phnom Penh Post/ANN): Cambodian Minister of Economy and Finance Aun Pornmoniroth has announced that the Asian Development Bank (ADB) has committed to investing in projects related to climate change and private sector development. Those projects will focus on strengthening the financial sector over the next five years, in order to support small and medium enterprises (SMEs).

His comments were made in a press release, released after a meeting with Winfried Wicklein, director-general for South-East Asia at the ADB, during his two-day visit to Cambodia last week.

The release said Pornmoniroth welcomed Wicklein and spoke highly of the ADB’s contribution to Cambodia’s socio-economic development since 1993.

On behalf of Cambodia, he thanked the ADB for its commitment to Cambodia’s sustainable economic growth, and improving the lives of Cambodians.

“We laud the ADB’s commitment, especially to investment in projects related to climate change and private sector development over the next five years. They aim to strengthen the financial sector to support SMEs, through Non-Sovereign Operations (NSOs), as defined in the ADB’s Cambodia Development Partnership Strategy 2024-2028,” he said.

He added that the ADB has expanded its credit to meet develop needs, through capital management reforms. As a result, Cambodia will become the recipient of large-scale resources, especially for climate change adaptation projects.

“The bank’s recently-approved Cambodia Development Partnership Strategy 2024-2028 aligns with the first phase of the government’s Pentagonal Strategy, and supports our development drive towards the goal of becoming an upper-middle income country by 2030,” he said.

Wicklein thanked the Cambodian government for its excellent cooperation with the ADB over the past 30 years, noting that he was prepared to strengthen and expand cooperation to continue the Kingdom’s development, he added.

Hong Vannak, an economist at the Royal Academy of Cambodia’s International Relation Institute, noted that the ADB was one of the Kingdom’s most important development partners.

“The ADB has provided Cambodia with loans, aid and technical assistance, most of which focused on education, health, energy, rural development, agriculture, transportation and trade,” he added. - Phnom Penh Post/ANN