Tuesday, 18 December 2012
AFP
PHNOM PENH: The Asian Development Bank (ADB) on Tuesday announced a $525 million aid plan for Cambodia over the next three years to promote the country's economic growth.
The ADB said the money would be used to fund projects to promote rice production and exports, improve transport links and irrigation systems, and develop towns along economic "corridors" connecting Southeast Asia.
The plan aims to boost Cambodia's economy and make it "more resilient to external shocks," said ADB economist Peter Brimble.
Cambodia's economy is expected to grow by 6.4 percent this year, according to the Manila-based ADB.
Written off as a failed state after the devastating 1975-79 Khmer Rouge regime and several decades of civil war, the Southeast Asian nation has used garment exports and tourism to help improve its economy.
But it remains one of the world's poorest countries, with around a third of its 14 million people living on less than a dollar a day.
1 comment:
Having cooperated with the Ministry who was beneficiary of ADB aid money, I have reported the misuse of the money to the ADB. Actually instead of using money for intended purpose, they have conceived a sophisticated scheme to, at the end, pocket the money and to share it joyfully between them. The team from Manila told us that they are going to investigate but at the end they issued the report to tell us that everything is OK, there was no money used out of intended purpose. ADB management should investigate this kind of practice by its monitoring team before giving more money to those Cambodian high ranking officials. They are sufficiently rich and wealthy, look at their cars, properties and their children behaviour..., think to the poor Cambodians who are entitled to benefit from this ADB money.
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