Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - ADB loans $70 million to expand rice sector

ADB loans $70 million to expand rice sector

The Cambodian government yesterday received a $70 million loan from the Asian Development Bank (ADB) to expand the rice industry and support reforms in the finance sector.

Cambodian Economy and Finance Minister Keat Chhon and ADB country director Eric Sidgwick signed the bilateral agreements at the ministry’s office.

Chhon said “these two loans will further support developments in Cambodia with sustainability, inclusiveness and resilience”.

The Manila-based ADB will provide $55 million to the rice sector, which gets additional co-financing of $24.1 million from the Trust Fund for the Global Agriculture and Food Security Program and the Strategic Climate Fund.

The investment will cover initiatives in Battambang, Kampong Thom and Prey Veng provinces.

The funding will “support the government’s policy on the promotion of paddy production and rice export, which calls for improved seeds, more efficient irrigation, better farming practices, greater drying, storage, and milling capacities, and better marketing, thereby transforming Cambodia’s rice sub-sector from subsistence farming to commercially-oriented value-chains”, Sidgwick said.

As for the financial part of the package, $15 million will go towards further improving “the legal foundation for financial institutions to sustain financial stability” and “enhance market confidence.”

0

Comments

Please, login or register to post a comment

Latest Video

Phnom Penh eats: Homegrown veggies at Bayon Beoung Snor

​Nestled along National Road 1, Bayon Beoung Snor is a farm-cum-restaurant. The team grows their own vegetables, which they then use to whip up traditional Khmer food.

Bill Clough reflects on The Phnom Penh Post's 25 year history

The Post's publisher Bill Clough, under whose leadership the publication went from a fortnightly to a daily one, discusses his investment in Cambodia, his vision for the paper in an increasingly digital age,

People search for their names on the voter lists at a polling station in Kampong Cham’s Veal Vong commune earlier this month.

Four years ago, when the opposition snatched Kampong Cham away from the ruling party in 2013 national elections, it hinted at a deeper shift taking

Comfrel Executive Director Koul Panha speaks to the press at a meeting yesterday in Phnom Penh.

As the National Election Committee launched into the recount proc