ADB lends Cambodia $70m for reforms

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Cambodia rice farmingAsian Development Bank (ADB) on August 26 signed loan agreements worth $70 million with Cambodia to expand the country’s rice sector and promote reforms in the finance sector, a statement released by the ADB said.

The agreements cover the Climate-Resilient Rice Commercialisation Sector Development Programme (Rice-SDP) with a loan of $55 million and the Finance Sector Programme with the remaining $15 million.

Rice-SDP, which will run until 2019, will improve crop productivity, access to credit by paddy producers and rice millers and exporters, access to regional and international rice markets, and enhance national and household food security, the bank’s statement said.

The investment part of Rice-SDP will cover Battambang, Kampong Thom, and Prey Veng provinces, among the largest rice producing areas in the country, it said, adding that an efficient rice value chain and increased productivity will benefit about 1 million low income rice farming households, with each expected to gain additional income of $300 a year by 2020.

The statement said the loan to the finance sector programme will further improve the legal foundation for financial institutions; strengthen legal frameworks for development of security market and insurance industry; modernize payments and clearance system; support the development of a commercial dispute resolution mechanism; and promote transparency and measures to combat money laundering and the financing of terrorism.

“This will build a growing, resilient, and efficient financial system that supports sustainable economic growth and poverty reduction mechanisms,” it said.

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Reading Time: 1 minute

Asian Development Bank (ADB) on August 26 signed loan agreements worth $70 million with Cambodia to expand the country’s rice sector and promote reforms in the finance sector, a statement released by the ADB said.

Reading Time: 1 minute

Cambodia rice farmingAsian Development Bank (ADB) on August 26 signed loan agreements worth $70 million with Cambodia to expand the country’s rice sector and promote reforms in the finance sector, a statement released by the ADB said.

The agreements cover the Climate-Resilient Rice Commercialisation Sector Development Programme (Rice-SDP) with a loan of $55 million and the Finance Sector Programme with the remaining $15 million.

Rice-SDP, which will run until 2019, will improve crop productivity, access to credit by paddy producers and rice millers and exporters, access to regional and international rice markets, and enhance national and household food security, the bank’s statement said.

The investment part of Rice-SDP will cover Battambang, Kampong Thom, and Prey Veng provinces, among the largest rice producing areas in the country, it said, adding that an efficient rice value chain and increased productivity will benefit about 1 million low income rice farming households, with each expected to gain additional income of $300 a year by 2020.

The statement said the loan to the finance sector programme will further improve the legal foundation for financial institutions; strengthen legal frameworks for development of security market and insurance industry; modernize payments and clearance system; support the development of a commercial dispute resolution mechanism; and promote transparency and measures to combat money laundering and the financing of terrorism.

“This will build a growing, resilient, and efficient financial system that supports sustainable economic growth and poverty reduction mechanisms,” it said.

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