PHNOM PENH, Dec 6 (NNN-AKP) – The Manila-based Asian Development Bank (ADB), approved a 50-million U.S. dollar-loan, to support the Cambodian government to diversify the country’s economy and boost its global competitiveness, ADB said in a press statement today.
The programme will support Cambodia’s post-COVID-19 economic recovery by supporting government reforms, to enhance the investment and business environment, foster the growth of micro-, small-, and medium-sized enterprises (MSMEs), and improve trade policy and trade facilitation, the statement said.
“The COVID-19 pandemic severely impacted key sectors of the Cambodian economy, like garment, footwear, and textile manufacturing, as well as, tourism and construction,” ADB senior economist, Sion L. Morton, said.
The reforms under the programme will help Cambodia’s post-pandemic recovery prospects, by paving the way for businesses to grow and migrate to higher value-added segments and adapt to the changing trade landscape, he said.
The programme will help improve the overall business climate, for both domestic and foreign firms, the statement said, adding that, it will support the development and diversification of MSMEs, improving their access to finance, and creating new markets for them.
“The programme will also help Cambodia improve the implementation of regional trade agreements and strengthen coordination on trade facilitation, to provide more opportunities for Cambodian businesses to export their goods,” the statement said.– NNN-AKP
