The Asian Development Bank (ADB) announced Monday that it would provide over 800 million U.S. dollars in concessional finance to Cambodia over five years to support the Southeast Asian nation in economic development and poverty reduction.
"The new investment plan is an affirmation of ADB's commitment to the country's development goal of high and sustainable growth, diversification of the economy and reducing poverty," Eric Sidgwick, ADB country director for Cambodia, said during the launch of the Cambodia Country Partnership Strategy (2014-2018).
He said the Country Partnership Strategy built on three strategic pillars that will guide ADB's support to develop those areas of Cambodia where most poor and vulnerable people live.
"These are deeper linkages between rural and urban areas and the wider region, targeted human and social development, and improved public sector management," he said.
Under the scheme, ADB will support higher agricultural productivity and commercialization, build rural and urban infrastructure, improve natural resource management, and support trade and transport facilitation, the bank said in its press statement.
"The strategy will also take further step to improve the environment for public-private partnerships and private sector development, and continue to support the development of the financial sector, including to increase access to finance in rural areas to create more and better jobs," the statement said.