ADB helps Cambodia modernize banking, improve environment

ADB Headquarter in Manila, Philippines.

December 8, 2008 by pna

PHNOM PENH, Dec. 8 -– The Asian Development Bank (ADB) has decided to approve a 43 million USD assistance to help Cambodia modernize its banking system and improve environment.

ADB said Of the money, 10.8 million USD in non-refundable aid will be allocated in the Ministries of Agriculture-Forestry-Fisheries, Rural Development and Water Resources in order to raise their financial management capacity to effectively using investment capital in rural development and water supply and drainage system projects, helping improve people’s living conditions and environment.

The remaining 32.2 million USD in loan will help the country modernize its banking system, develop links between domestic banks and international monetary groups, ensuring faster and more exact financial transactions.

The fund will also help the government carry out administrative reforms and policies in line with the current situation in order to reduce costs of business operations, expand trade and improve goods safety. (PNA/VNA)