ADB Commits US$140M to Bolster Industrial Skills & Public Service Decentralisation in Cambodia

• 28 September 2023
• Local News
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The Asian Development Bank (ADB) has reaffirmed its commitment to Cambodia’s development with a substantial US$140 million loan agreement, signifying a pivotal step in enhancing the nation’s industrial skills and streamlining public services. This agreement, inked on 26 September 2023, by HE Dr. Aun Porn Moniroth, Cambodia’s Deputy Prime Minister and Minister of Economy and Finance, and HE Jyotsana Varma, Director General of ADB’s Representative Office in Cambodia, demonstrates ADB’s steadfast support for Cambodia’s progress.

The lion’s share of this financial infusion, amounting to US$100 million, will fuel the Future Economic Skills Development Program, a comprehensive initiative with a total budget of US$131.30 million. This program aims to invigorate current and future employment prospects by bolstering industrial training and aligning skill development with the dynamic demands of the job market.

An additional US$40 million is earmarked for the Public Service Decentralisation Reform Program, with a spotlight on sub-national administrations. This multifaceted initiative focuses on three crucial facets: improving sub-national planning and budgeting, strengthening revenue and expenditure management, and enhancing sub-national administrative capacity.

ADB’s unwavering commitment to Cambodia is evident through its substantial financial support, amounting to US$49 billion for cooperative financing, including US$4.4 billion in concessional loans, for the successful implementation of 137 projects and programs. This support also extends to the execution of 70 projects, amounting to a total of US$568 million.

As Cambodia embarks on a journey of economic growth and development, ADB’s partnership remains a cornerstone in achieving the nation’s aspirations.

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