Thailand
ADB supported crucial Cambodia sectors in 2022
The Asian Development Bank last year committed support to Cambodia in several important sectors, including coastal, marine fisheries, power and livestock value chain.
Last year, ADB committed $6 billion in financing for Southeast Asia, including $5 billion for sovereign operations and $1 billion in nonsovereign investments, the bank said in its Annual Report 2022.
“We met strong demand for ADB assistance in 2022, committing $20.5 billion in loans, grants, equity investments, guarantees, and technical assistance. This included $3.9 billion in financing to the private sector. In addition, we mobilised $11.4 billion in cofinancing, demonstrating the vital role partnerships play in our support to the region,” ADB President Masatsugu Asakawa said in the report.
The report pointed out that in Cambodia, unsustainable fishing and poor coastal zone management have seen massive reductions in fish biomass at the same time as coastal communities have been impacted by increasingly extreme weather events.
“In response, ADB committed $63 million to support coastal and marine fisheries by addressing unsustainable practices and regenerating nearshore fisheries. The project will benefit 25 community fisheries organisations, nearly 20,000 households, and a wider coastal community of about 200,000 people,” ADB said.
It will also generate more than 250,000 days of paid community work and support 100 small and medium-sized enterprises with investments in mariculture, the report mentioned.
In 2022, ADB also provided transaction advisory support to Electricité du Cambodge, the national power utility, leading to the signing of a power purchase agreement to develop a 40-megawatt solar photovoltaic power plant in Kampong Chhnang Province. The plant’s additional capacity will reduce dependency on power imports from neighbouring countries and mitigate CO2 emissions by approximately 73,800 tons each year, it said, adding that the $23 million project will have a very low tariff of $2.57 per megawatt-hour, demonstrating that solar energy can be a cost-effective alternative to fossil fuels.
It also noted that transboundary animal diseases, zoonoses and antimicrobial resistance threatened livelihoods, food security, trade, and economic growth across the region.
“ADB responded in 2022 by committing $62.9 million, and mobilized $43 million in cofinancing, to improve Cambodia’s cross-border livestock value chain. By promoting climate-smart livestock production and regional cooperation with other Greater Mekong Subregion countries, the project is expected to expand Cambodia’s ability to export healthy livestock and animal products and save Thailand and Viet Nam about $134 million via reduced mortality and trading losses of livestock,” the report explained.
Besides, ADB provided $32.6 million to Cambodia for improved health services in Banteay Meanchey, a border province that serves as a hub for departing and returning migrants and those seeking employment in the province’s special economic zones (SEZs). “The investment will improve regional health by building and better-equipping health facilities, extending financial protection related to health care, and introducing a portable electronic health record for migrants,” it said.
On its investments committed in 2022, it extended support for climate-resilient coastal and marine fishing in Cambodia, benefiting 20,000 households.
ADB innovation experts are also working to enhance public service delivery in Cambodia by customising digital billing systems for the country’s water services.
The study also observed that economic growth in Southeast Asia expanded last year as countries reopened their borders and eased Covid-19 restrictions amid high vaccination rates. It also pointed out that countries, such as Indonesia, Malaysia, Thailand, and Viet Nam, benefited from higher global food and fuel prices.
Source: https://www.khmertimeskh.com/501278623/adb-supported-crucial-cambodia-sectors-in-2022/