A Change of Guard

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Tuesday, 18 December 2012

ADB unveils $525 mln aid plan for Cambodia

Tuesday, 18 December 2012 

PHNOM PENH: The Asian Development Bank (ADB) on Tuesday announced a $525 million aid plan for Cambodia over the next three years to promote the country's economic growth.

The ADB said the money would be used to fund projects to promote rice production and exports, improve transport links and irrigation systems, and develop towns along economic "corridors" connecting Southeast Asia.

The plan aims to boost Cambodia's economy and make it "more resilient to external shocks," said ADB economist Peter Brimble.

Cambodia's economy is expected to grow by 6.4 percent this year, according to the Manila-based ADB.

Written off as a failed state after the devastating 1975-79 Khmer Rouge regime and several decades of civil war, the Southeast Asian nation has used garment exports and tourism to help improve its economy.

But it remains one of the world's poorest countries, with around a third of its 14 million people living on less than a dollar a day. (AFP)

1 comment:

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