With a focus on supporting the implementation of the government’s Industrial Development Policy as well as other socio-economic projects the World Bank will disburse $540 million from 2018 to 2021 to finance economic development in Cambodia. The Finance Ministry committed financing was revealed between the newly appointed World Bank representative to Cambodia, Ellen Goldstein, and Minister of Economy and Finance Aun Pornmoniroth. Cambodia has seen the fastest economic growth in East Asia. Through this partnership, the World Bank will continue to support inclusive growth that benefits the poor, says Goldstein.
The World Bank is committed to help and cooperate with Cambodian 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.
Goldstein says that the funds would be prioritised to meet the needs of the government following their strategic development plan and the 2015-25 Industrial Development Policy. Cambodia’s 2015-2025 Industrial Development Policy aims to transform and modernise the country’s industrial structure from a labour intensive industry to a skills-driven. The IDP also promotes the development of the manufacturing sector and agro-processing industry through integration into regional and global production chains. Pornmoniroth says funds will contribute a lot to Cambodia’s development and give access to implement many other projects to boost growth and poverty reduction.
