Thailand
Cambodia: ADB approves $50 million loan to help diversify Cambodia’s economy
The Asian Development Bank (ADB) approved a policy loan of $50 million for trade and competitive programs to support the Royal Government of Cambodia in economic diversification.
The loan was approved today, according to the press release issued by ADB, and also aims to promote the country’s global competitiveness.
The program will support Cambodia’s post-Covid-19 economic recovery by supporting government reforms to increase investment and business environment, promote the growth of small and medium enterprises and improve trade policies and trade facilitation.
Sion L. Morton, ADB Senior Economist, said, “The Covid-19 pandemic has had a devastating effect on key sectors of the Cambodian economy, such as garments, footwear and textiles, as well as tourism and construction. Reforms under this program will support Cambodia’s post-pandemic recovery goals by paving the way for businesses to grow and reach higher value-added segments and adapt to the changing business landscape.”
Business programs and competitiveness will help improve the overall business environment for local and foreign companies. In connection with this initial sub-program, the Royal Government has approved a new investment law to provide legal protection for investors, including investors in special economic zones, and upgraded its online business portal to enable the issuance of specialized digital business licenses.
Source: https://www.khmertimeskh.com/501197448/adb-approves-50-million-loan-to-help-diversify-cambodias-economy/