Logo of Phnom Penh Post newspaper Phnom Penh Post - Assembly to OK $18m for farming

Assembly to OK $18m for farming

Assembly to OK $18m for farming

THE National Assembly is set to approve an US$18 million agriculture lending fund requested by the government to boost farmer productivity, an official said.

Cheam Yeap, head of the National Assembly's Economy, Banking, Finance and Audit Committee, told the Post the loan package was being considered and would soon be approved, though he declined to give a timetable.

"We will examine and approve this request from the government because agriculture is the first-priority economic target for the country as it is accountable for about 30 percent of GDP," Cheam Yeap said.

The money will almost double funding earmarked by the government for agriculture this year. In December, the National Assembly set aside just $19 million for the sector in its $1.8 billion national budget package, largely for the training of ministry officials and farmers, and for research into cultivation techniques.

In a statement sent to the National Assembly on April 18, Hun Sen called for an agriculture fund to be established to help farmers maximise productivity and boost output.

Cheam Yeap said the approved money would be deposited at the Rural Development Bank to be lent to farmers to finance small-scale irrigation systems and to pay for livestock and crops.

Rural Development Bank Chairman Sun Kunthor said Wednesday that the bank would start lending money to communities and entrepreneurs as soon as the National Assembly officially approves the package. 

MOST VIEWED

  • ‘Kingdom lacks up to 400MW in available electricity’

    Prime Minister Hun Sen has called on the general public, hoteliers and businesspeople with generators to use them as back-up as the Electricity Authority of Cambodia cannot generate enough electricity to meet needs due to low water levels in power station reservoirs. On Saturday evening

  • Sor Chandeth defends his criticism of Hun Sen

    Former senator Sor Chandeth has defended his choice of words when criticising Hun Sen, saying he was merely speaking metaphorically to attack the Prime Minister’s political life, not his actual person, as the latter seeks damages. [img] Chandeth spoke to The Post on Thursday,

  • South Korea’s Moon arrives in Kingdom for state visit

    South Korean president Moon Jae-in and his wife arrived in Phnom Penh on Thursday at the start of a three-day state visit to Cambodia to strengthen ties and further the friendship between the two countries. After arriving at the Phnom Penh International Airport in the

  • Youths band together to clean ‘filthy’ Boeung Trabek canal

    Inspired by their affection for the environment, a desire to have a clean and beautiful city, and wanting to send a message to people to stop littering, a group of some two dozen volunteer youths have taken to picking up trash day and night from