France pledges to provide over 300 mln euros to Cambodia for development projects - South Asia Time

France pledges to provide over 300 mln euros to Cambodia for development projects

 May 11, 2022  

Cambodia: The French Development Agency (AFD) has committed to providing over 300 million euros (316 million U.S. dollars) to Cambodia to support development projects for three years, said its press statement on Wednesday.

The pledge was made during an annual meeting on Monday between Cambodia’s Ministry of Economy and Finance (MEF) Secretary of State Hem Vanndy and the AFD’s southeast Asia regional director Yazid Bensaid, as well as AFD country director for Cambodia Ophelie Bourhis.

“The 2022-2024 project pipeline was at the core of the discussions, leading to an agreement between the MEF and the AFD of more than 300 million euros prioritizing the sectors of water and sanitation, agriculture, water resources management, energy and vocational training,” the statement said.

With this annual target commitment of an average of 100 million euros of highly concessional loans and grants in Cambodia, the AFD has also reiterated its support for inclusive and sustainable growth in the country, it said.

In particular, in line with the 2015 Paris Agreement, the AFD reaffirmed the priority given to the fight against climate change in its existing and future project portfolio.

“With 75 percent of projects having climate co-benefits, the AFD is committed to answering the needs expressed by the government of the Kingdom of Cambodia while integrating climate awareness in our common strategy,” Bourhis said.

In parallel, the AFD signed an agreement on a grant for air quality improvement this week with the country’s Ministry of Environment and the Ministry of Public Works and Transport, the statement said.

The program is designed on a regional scale with a 5.5 million euros grant from the AFD, it said.

“It will contribute to a greater awareness on air quality issues, a better knowledge and monitoring of air quality on their territory, and the strengthening of local capacities,” the statement said.