EU To Grant €86m Boost for Cambodia’s Transformative Programs

• 16 January 2024
• Local News
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The European Union (EU), under the Global Gateway framework, is set to inject approximately US$94 million (€86 million) in grant funding to Cambodia. The Ministry of Economy and Finance, in its press release dated 15 January 2024, revealed the EU’s commitment to support Cambodia’s progress through four pivotal programs.

During a meeting with HE Dr. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, HE Ambassador Driesmans Igor outlined the EU’s Global Gateway Strategy. This strategic initiative aims to attract increased investment to partner countries, fostering sustainable development.

Under the Global Gateway Framework, the EU will allocate the substantial grant funding to four transformative programs, namely (1) the Cambodian Partnership Program for Sustainable Agriculture and Food (2) the Sustainability Program; EU partners for sustainable energy implementation in the garment, footwear and travel products industries; (3) EU-Cambodia Partnership for Technical Education Training 2024-2027 and (4) Trade and Private sector.

Highlighting the EU’s commitment to Cambodia’s integration into ASEAN, two additional Team Europe Initiatives (TEIs) have been established. (1). TEI-1 focuses on Sustainable Agriculture Value Chains, while (2). TEI-2 concentrates on promoting green energy and industrial value chains.

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