Phnom Penh, September 27, 2023: In a press release issued by the Ministry of Economy and Finance, it was announced that the Asian Development Bank (ADB) has extended a $100 million concessional loan for future skills development programs. The aim of this initiative is to boost both current and future employment rates through policy reform and project investments, with a specific focus on strengthening skills development. The program intends to enhance training within the industrial sector and allocate more resources to the development of skills that directly meet job market demands. This effort is being spearheaded by the Ministry of Economy and the Ministry of Labor and Vocational Training, aligning with the six policies set forth by the Royal Government in the seventh mandate. It also contributes to social protection for workers and the broader Cambodian populace.

According to the Ministry of Economy and Finance's press release, a concessional loan agreement was signed on September 26, 2023, between Mr. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, and Ms. Jyotsana Varma, Representative Director of the Asian Development Bank (ADB) in Cambodia. This agreement encompasses two programs with a combined total of $140 million. Apart from extending concessional loans for economic development, ADB is also providing concessional financing to support the government's second phase of the Public and Financial Services Decentralization Reform Program. The primary objective of this program is to enhance the efficiency of sub-national officials, making public services more accessible to citizens. This is to be achieved by focusing on improving sub-national planning and budgeting, strengthening revenue and expenditure management, and enhancing sub-national administrative capacity. The total cost of this program is estimated at $40 million, fully funded through an ADB concessional loan, and it will be overseen by the National Committee for Sub-National Democratic Development.

It's noteworthy that, to date, the Asian Development Bank (ADB) has contributed a cumulative total of $4.9 billion in cooperative financing to Cambodia. This includes $4.4 billion in concessional loans that have supported 137 programs and projects, along with a grant amounting to approximately $568 million, allocated for the implementation of 70 programs and projects in Cambodia.