Cambodia to Get Grant for Reforms from The Asian Development Bank
On February 17, 2008, the Asian Development Bank President Haruhiko Kuroda arrived in Phnom Penh for his first official visit to Cambodia. According to ADB's news release, Kuroda is scheduled to meet with senior Cambodian government officials to discuss ADB's assistance programs in this country and the important role of regional cooperation in the Southeast Asia region.
Later on, Kuroda also traveled to Sisophon in northwest Cambodia to launch a new railway rehabilitation project and signed a package of five grants and loans that will help spur job creation, expand educational opportunities, and enhance growth.
The ADB's 71.8 Million Dollar grant and loan package for Cambodia
The Asian Development Bank (ADB) said it will provide a 71.8 million US$ grant and loan package for Cambodia to improve secondary education, support farmers living around the Tonle Sap lake, foster financial system reform, and rehabilitate major roads throughout the country.
This includes a 27.1 million US$ grant to improve the quality of secondary education and a 20 million US$ assistance package for farmers. The bank said it is also is providing an 11.7 million US$ assistance package from its concessional Asian Development Fund to support market-oriented financial system reforms.
The package also includes a 7 mlillion usd loan to support the rehabilitation of a 15 kilometre stretch of the Southern Coastal Corridor, which runs along the Gulf of Thailand from Bangkok to Nam Cam, Vietnam.
It also includes an additional 6 million US$ loan to help maintain 950 km of roads managed by the Ministry of Public Works and Transport.
The overall value of these five projects is about 115 million US$ , including a 12.8 million US$ grant from the Australian government and an additional 30.5 million US$ contribution from the Cambodian government.
Cambodia has received over one billion U.S. dollars in assistance since joining the ADB in 1966, according to the news release. Between 2004 and 2007, ADB has provided six grants and nine loans to Cambodia totaling 250 million U.S. dollars. The release further noted that ADB planned to provide an additional 50 million U.S. dollars in assistance in 2008.