Logo of Phnom Penh Post newspaper Phnom Penh Post - Green funding will be first for Kingdom: ADB

Green funding will be first for Kingdom: ADB

Workers construct a section of the road on the southern outskirts of Phnom Penh in 2014.
Workers construct a section of the road on the southern outskirts of Phnom Penh in 2014. Heng Chivoan

Green funding will be first for Kingdom: ADB

The Asian Development Bank’s recent announcement of $40 million in funding for Cambodia marks the first funds from the Green Climate Fund that were earmarked for the Kingdom, according to ADB officials.

The money – a $30 million grant and a $10 million concessional loan – will go towards the “climate-friendly agribusiness value chains sector project”, according to Srinivasan Ancha, principal climate change specialist at the organisation.

“The amount will be used to enhance climate resilience of agricultural value chains in selected provinces of Cambodia,” Srinivasan said, adding that the government of Cambodia would be the recipient of the money.

The six-year project will involve the Agriculture Ministry, Water Resources and Meteorology Ministry and Rural Development Ministry, according to Srinivasan, who said the project aims to boost the competitiveness of Cambodia’s agricultural sector by increasing productivity and boosting efficiency.

Cambodia is regularly ranked as among the most susceptible countries to climate change, with the Kingdom’s economy and population both sensitive to climate-related disasters and shocks that are expected in the future due to global climate change.

The ADB and the Green Climate Fund, both international funding organisations, signed an agreement in August last year allowing the bank to use the fund’s resources in order to reduce greenhouse gas emissions and mitigate expected risks resulting from climate change in developing nations.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,