A bird’s-eye view of Phnom Penh earlier this month shows the multitude of tall buildings which are emblematic of the Kingdom’s rapid economic growth in recent years. Yousos Apdoulrashim
The Asian Development Bank (ADB) has launched a new country partnership strategy for Cambodia, which closely aligns with phase one of the seventh-mandate government’s Pentagonal Strategy, for the same period of 2024-2028.
The strategy will strengthen pathways toward a sustainable, inclusive, and resilient Cambodian economy.
The five-year strategy covers a wide range of areas of cooperation, including working with the government and other partners to accelerate private-sector-led economic diversification, advance human development and strengthen climate resilience, said a May 29 ADB press release.
“Shaped in close collaboration with diverse stakeholders, ADB’s new country strategy is a partnership with Cambodia for its prosperity, its people and the planet,” said ADB vice-president for East and Southeast Asia and the Pacific Scott Morris.
“It heralds an exciting new chapter of growth and opportunity in Cambodia’s development journey, one that aims to set the country on the path to high-income status in the decades ahead,” he added.
The release explained that the thorough plan encompasses several key priorities aimed at tackling climate change, strengthening governance and institutional capabilities, advancing gender equality, fostering digitalisation and enhancing closer regional collaboration and integration.
It said the key to this approach is enhancing high-quality, climate-resilient infrastructure to attract private sector investment, and create an enabling business environment which is particularly beneficial for micro, small and medium-sized enterprises.
It added that the strategy seeks to ensure inclusive access to quality and affordable services, such as in education, skills development, health care and clean water supplies, as well as sanitation services.
The bank pledged to ramp up its efforts to enhance digital service delivery by subnational administrations and improve food security and nutrition for those most in need. This could be done through paving the way for enhanced economic productivity.
The strategy also focuses on climate adaptation initiatives in agriculture, water resource ecosystems, and urban infrastructure. It also prioritises the expansion of renewable energy sources and mobilization of concessional climate finance, in a concerted effort towards a greener and more resilient future for Cambodia.
Prime Minister Hun Manet’s government launched phase one of its Pentagonal Strategy in August last year. It focuses on the growth of employment, equity, efficiency and sustainability to build a national foundation towards realising the Kingdom’s vision of becoming a high-income country by 2050.
