Cambodian development banks receive $100 million
Cambodia’s Ministry of Economy and Finance will pledge an additional $100 million funding to the Cambodian Small and Medium Enterprise Bank and the Agricultural Rural development today.
The ceremony will be chaired by Dr. Aun Porn Moniroth, Deputy Prime Minister and a rumored potential successor to Prime Minister Hun Sen. The funding is part of the larger Cambodian strategic framework from the Royal Government to rebolster the economy. The strategic framework focuses on economic recovery, reforms and building resilience. Cambodian development banks provide low interest rate loans for key sectors like agriculture and ecotourism, which suffered significantly from COVID-19 disruptions.
Expect an increase in private and foreign investments in the future given that major infrastructure projects are proposed throughout the country. With Dr. Moniroth at the helm, the government has extended economic relief measures to poor families and updated investment laws. These efforts will promote Cambodia’s position as a viable investment ground for foreign investors while neighboring states such as Myanmar, struggle with political instability. Projects like the development of Preah Sihanouk Special Economic Zone will likely cause a deepening of the relationship between China and Cambodia, which has contracted a Shenzhen based institute for the project.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.
