The Asian Development Bank (ADB) has decided to provide US$ 140 million in loans for the development of two major programs in Cambodia, including US$100 million for industrial skills development.
The loan was signed by HE Dr. Aun Porn Moniroth, Deputy Prime Minister, Minister of Economy and Finance, and HE Jyotsana Varma, Director General of the Asian Development Bank (ADB) Representative Office in Cambodia on September 26, 2023.
The US$ 100 million loan will be used for the Future Economic Skills Development Program, which plans to spend a total of US$131.30 million in order to improve current and future employment rates through industrial training and increase resources. For skills development responding to job requirements.
In addition, another US$40 million loan will be used for public service decentralization reform programs, focusing on sub-national administrations (1) _ improving sub-national planning and budgeting, (2) _ strengthening Revenue and Expenditure Management, and (3) _ Strengthening sub-national administrative capacity.
ADB has provided a total of US$49 billion in cooperative financing, including US$4.4 billion in concessional loans for the implementation of 137 projects/programs and a total of US$ 568 million for the implementation of 70 projects/programs.
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