Including a previously inked programme, ADB’s investments in Cambodia for 2024 total US$403 million, aiming to enhance secondary education; address gender-based violence (GBV); boost trade and competitiveness; support integrated water resources management; and expand climate-resilient and inclusive rural water supply, sanitation, and hygiene (WASH) facilities in Cambodia, said an ADB’s news release made public this afternoon.

Deputy Prime Minister and Minister for Economy and Finance H.E. Dr. Aun Pornmoniroth and ADB Country Director for Cambodia Ms. Jyotsana Varma signed the agreements at an official ceremony in Phnom Penh.

“This year marks a significant milestone in our partnership with Cambodia, with the approval of US$403 million in loans and grants under the framework of our new country partnership strategy for 2024–2028,” said Ms. Varma. “From strengthening vital infrastructure to enhancing climate resilience and human capital development, these projects will support Cambodia’s continued progress toward a prosperous, inclusive, and green future. ADB is also committed to fostering an enabling environment for the private sector, including enhancing trade and competitiveness, to drive sustainable economic growth and create opportunities for all. ADB remains steadfast in its partnership with Cambodia to deliver transformative outcomes that create lasting benefits for its people.”

According to ADB, the US$90 million loan (signed earlier this year) for the Rural Water Supply, Sanitation, and Hygiene Improvement Sector Development Programme will improve and expand climate-resilient and inclusive rural water supply, sanitation, and hygiene facilities for 88,000 households in 400 villages in 50 communes across nine provinces in Cambodia.

The Secondary Education for Human Capital Competitiveness Project, an US$80 million loan, will improve the country’s secondary education, spotlighting 21st century skills like critical and creative thinking, inclusive teaching for boys and girls, and expanding pathways to post-secondary education. It will expand the number of inclusive climate-resilient school facilities to address classroom overcrowding and expand access to quality upper secondary education.

The US$10 million grant for the Strengthening Country Systems for Prevention and Response to GBV Project will help meet Cambodia’s target of zero gender-based violence by 2030. It focuses on strengthening legal and institutional frameworks, updating the country’s legislation on domestic violence; improving service delivery by strengthening the quality and accessibility of response services and refurbishing shelters for survivors, especially in rural areas; and leveraging digital solutions in adolescent school-based and community-based programmes to promote prevention.

The second subprogramme of the ongoing Trade and Competitiveness Programme, a US$50 million policy-based loan, aims to foster an investment-friendly business environment, improve competitiveness, and ease trade barriers. It reinforces the Cambodian government’s efforts to leverage private sector investments to achieve higher and sustainable growth.

Targeting river basins in Battambang and Pursat provinces in Tonle Sap basin, the US$88 million loan for the Integrated Water Resources Management Project will strengthen integrated, climate adaptive, and eco-friendly water resources management, modernise irrigation systems, and reduce flood risks.

Lastly, the additional financing for the Irrigated Agriculture Improvement Project, with US$85 million in loans, will enhance water delivery efficiency and climate resilience across four irrigation systems in Battambang, Kampong Cham, Kampong Thom, and Takeo provinces and share best practices with farmers to enhance climate resilience and water delivery efficiency of irrigation infrastructure. The project will also support operational capacity development for Cambodia’s National Water Resources Management Data Center and associated National Water Resources Information System and preparatory work and design for future investments in flood and drought management.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

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The meeting, led by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, reviewed progress on the “Master Plan to Develop Preah Sihanouk Province into a Model Multi-purpose Special Economic Zone and Develop Cambodia’s Coastal Provinces into a Multi-Purpose and Comprehensive Economic Corridor.”

High-ranking officials, including Deputy Prime Ministers, Ministers, provincial governors, and representatives from the Shenzhen Institute of Urban Planning and Design (UPDIS) led by Mr. Sima Xiao, President of UPDIS, participated in the meeting.

The draft report received positive feedback, with appreciation expressed for the work done by the team. Discussions focused on ensuring the report’s comprehensiveness and paving the way for its translation into Khmer. Following translation, the plan will be submitted to the Royal Government of Cambodia for approval.

Deputy Prime Minister Aun Pornmoniroth concluded the meeting by expressing gratitude to all involved, including Mr. Sima Xiao and his team at UPDIS, for their dedication and collaboration in developing this crucial economic development plan.

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The opening ceremony of the three-day conference was held on Feb. 1 under the presidency of H.E. Dr. Aun Pornmoniroth, Cambodia’s Deputy Prime Minister and Minister of Economy and Finance, with the participation of H.E. Mrs. Cham Nimul, Minister of Commerce, H.E. Hem Vandy, Minister of Industry, Science, Technology, and Innovation, and Siem Reap Provincial Governor H.E. Prak Sophorn, as well as relevant parties and foreign businesses.

The purpose of the conference is to bring together stakeholders in the cashew industry to discuss and share experiences to promote the cashew industry, to find regional and global markets, as well as to exhibit and build a global cashew network, said H.E. Dr. Aun Pornmoniroth.

“The conference is attended by stakeholders in the cashew industry, both domestically and internationally, and creates valuable opportunities to discuss and exchange information, knowledge, and experience in the cashew industry, as well as opportunities for business matching between the participants in the conference,” he said.

Cambodia has currently 472,946 hectares of cashew plantations and a total yield of 709,419 tonnes, while the export of raw cashew nuts to the international market is about 656,000 tonnes.

Major markets for Cambodian raw cashew nuts include China, Japan, Bangladesh, India, Vietnam, and Thailand, whereas processed cashew nuts are exported to China, the Czech Republic, Japan, South Korea, the Netherlands, Vietnam, and the U.S.

The Royal Government of Cambodia is committed to turning Cambodia into the world’s leading cashew processing and exporting country.

Cambodia has raw materials, but limited processing capabilities, so the country is working hard to attract more investors to process local raw materials for export, thus generating jobs for the locals and adding value to the produce.

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Pornmoniroth, who is also the minister of economy and finance, said many infrastructure projects, technology transfer, and investments in Cambodia, which are a crucial source of economic growth, have been promoted under the Cambodia-China financial cooperation and the Belt and Road Initiative.

The trade volume between the two countries is increasing yearly, even with the impacts of the COVID-19 pandemic, he said. “It is believed to increase further in upcoming years.”

Cambodia can export agricultural products to China directly, including bananas, mango, and longan, just to name a few, he added.

Besides, the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) agreement, which took effect in 2022, demonstrate the commitment of participating countries to safeguarding the multilateral trading system, maintaining economic openness, and upholding a spirit of cooperation, which will, in turn, enhance socio-economic development.

“Undoubtedly, the two agreements will largely contribute to Cambodia’s graduation from its status as a least-developed country in the next five years and an achievement of Cambodia’s vision to become an upper-middle-income country by 2030 and a high-income country by 2050,” Pornmoniroth said.

He added that the bilateral economic and trade cooperation reached another significant level during the official visit of Cambodian Prime Minister Hun Manet to China, resulting in the signing of a crucial document, namely, the action plan on building a Cambodia-China community with a shared future in the new era (2024-2028).

Also, he said both countries agreed to enhance trade facilitation to promote high-quality development of bilateral economic and trade cooperation, including making full use of the CCFTA and RCEP, promoting e-commerce cooperation, China International Import Expo, China Import and Export Fair, China-ASEAN Expo, China International Consumer Products Expo, and China International Small and Medium Enterprises Fair, among others.

Pornmoniroth said the signed action plan emphasizes the key priority areas of cooperation, such as politics, production capacity, agriculture, energy, security, and people-to-people exchanges, called the Cambodia-China Diamond Hexagon cooperation framework.

He added that the action plan clearly reflects the two countries’ commitment to deepening the building of a high quality, high level, and high standard Cambodia-China community with a shared future in the new era. Xinhua

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