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

  • ‘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