IFAD Extends US$35 Million for Agricultural Development in Cambodia

AKP Phnom Penh, June 14, 2012 –

The International Fund for Agricultural Development (IFAD) has agreed to provide US$35 million, of which 50 percent in grant aid and 50 percent in loan, to Cambodia to boost the agricultural development and economic growth.

The agreement on this cooperation financing was signed last Friday by Dr. Aun Porn Moniroth, Delegate Minister Attached to the Prime Minister and Secretary of State for Economy and Finance, and H.E. Kanayo F. Nwanze, IFAD President, during Dr. Aun Porn Moniroth’s visit to Rome, Italy, from June 4 to 9, according to a news release from the Cambodian Ministry of Economy and Finance.

The Food and Agriculture Organization (FAO), the Netherlands Development Organization (SNV), the International Development Enterprises (iDE), the Royal Government of Cambodia, … have also contributed financially to this US$43.2-million project, said the news release.

Some 470,000 poor farming families in five targeted provinces – Kandal, Kampot, Prey Veng, Svay Rieng and Takeo will benefit from this project, which will last for six years, from July 2012 and to late 2018.

By SOKMOM Nimul