ADB Provides US$50m Loan to Cambodia to Boost Global Competitiveness

• Sommana Yan
• 6 December 2022
• Uncategorized
• 2546 Views

The Asian Development Bank (ADB) has approved a US$50-million loan to Cambodia to diversify its economy and boost the country’s global competitiveness, according to a press release dated 6 December 2022. 

Sion L. Morton, ADB Senior Economist, said: “The COVID-19 pandemic has severely affected key sectors such as garments, footwear and textiles, tourism and especially construction.” 

“With the reforms under the program, ADB will assist in the post-COVID 19 crisis, paving the way for businesses to grow and reach higher value-added segments and adapt to the changing business landscape.” 

The grant is part of the first sub-program of the Trade and Competitiveness Program, which will support Cambodia’s post-COVID 19 economic recoveries by supporting investment reforms and the business environment, promoting the growth of small and medium enterprises, and improving trade policy and trade facilitation. 

In connection with this first sub-program, the Royal Government has passed a new investment law to provide legal protection for investors, including investors in special economic zones, and has improved the online business portal to enable the issuance of digital business licenses on time. (Read more)