World Bank commits $540 million to Cambodia

The World Bank will disburse some $540 million from 2018 to 2021 to finance economic development in Cambodia with a focus on supporting the implementation of the government’s Industrial Development Policy as well as other socio-economic projects. The committed financing was revealed on Tuesday in a meeting between the newly appointed World Bank representative to Cambodia, Ellen Goldstein, and Minister of Economy and Finance Aun Pornmoniroth, according to a press release from the Finance Ministry.

“Most recently, Cambodia has seen the fastest economic growth in East Asia. Through our partnership strategy, the World Bank will continue to support inclusive growth that benefits the poor,” said Ms Goldstein. “The World Bank is committed to help and cooperate with the government and the $540 million financing from 2018 to 2021 will be used to boost Cambodia’s economic development and other social development projects,” she added.

Ms Goldstein said the funds would be prioritised to meet the needs of the government “following their strategic development plan and the 2015-2025 Industrial Development Policy”. Currently, the World Bank has committed $243 million to Cambodia in its support for 12 projects.

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