World Bank Approves US$275m Loan to Bolster Cambodia’s Economic Growth

• 22 June 2024
• Local News
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The World Bank has approved a US$275 million loan package to support Cambodia’s long-term economic growth and resilience. The funding, sourced from the International Development Association (IDA), aims to drive reforms to enhance the competitiveness of the private sector and strengthen the country’s finances to assist the most vulnerable populations. This announcement was made by WB on 21 June 2024.

This loan is designated for the Second Cambodia Growth and Resilience Development Policy Financing project, which addresses challenges hindering Cambodia’s recovery from the economic impact of the COVID-19 pandemic. It supplements the US$274 million loan disbursed in 2022 for the first phase of the project. (Read more)

Ms. Mariam Salim, World Bank Country Manager for Cambodia, emphasised that the new loans are intended to boost private sector competitiveness, strengthen the government’s fiscal position, and assist the most vulnerable, helping Cambodia achieve high-quality and steady economic growth post-pandemic.

The loan will help create a conducive environment for business operations, promote fair competition, and strengthen fiscal resilience. Additionally, it will improve expenditure efficiency, enhance public-private partnerships, and bolster the government’s ability to mobilise financing through national bonds.

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