Cambodia needs 5.23 bln USD for 3-year public investment program

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Cambodia needs 5.23 bln USD for 3-year public investment program

Source: Xinhua   2016-07-08 

PHNOM PENH, July 8 (Xinhua) -- The Cambodian government on Friday approved the next three-year public investment program (2017-2019), which would require a total capital of 5.23 billion U.S. dollars to carry out 519 projects.

The approval was made during a weekly cabinet meeting, which was presided over by Prime Minister Samdech Techo Hun Sen.

To date, the government has contributed 527 million U.S. dollars to the program, as development partners have pledged nearly 2.3 billion U.S. dollars.

The country is seeking another 2.4 billion U.S. dollars to meet the whole cost of the program.

"The main purpose of the program is to ensure the economic growth of around 7 percent per annum and to reduce poverty, particularly in rural areas through agricultural and rural development," a statement said.

The Southeast Asian country moved from the status of a low-income to a lower-middle income nation last year when the country's GDP (Gross Domestic Product) per capita reached 1,225 U.S. dollars, according to government figures. The poverty rate has remarkably declined to about 14 percent in 2014 from over 53 percent in 2004.