Economy Ministry secretary of state Vongsey Vissoth meets with French Ambassador Eva Nguyen Binh, to discuss France’s promise to provide financial support to Cambodia of almost 50 million for six years from 2021 to 2026. MOEF
France will provide about $122 million to $146 million a year to support development in Cambodia in the form of a concession loan for a six-year period from 2021 to 2026, according to the Ministry of Economy.
The promise was made at the 4th Cambodia-France Consultation Meeting held via video conference yesterday between Economy Ministry secretary of state Vongsey Vissoth, French Development Agency (AFD) representative Rémi Genevey and French Ambassador Eva Nguyen Binh.
Vissoth said that France is not just a friend, but it is one of leading countries in contributing support and bringing peace to Cambodia and has been a key development partner in different fields since the Paris Peace Accords.
He said that in response to the impact of the current Covid-19 pandemic, Cambodia has set out an economic recovery strategy for 2021-2023 based on three pillars.
The first pillar is Resurrection and Survival. The focus is to control the spread of Covid-19 and maintain the flow of the economy and the survival of the people, as well as the rehabilitation and rebuilding of economic foundations.
The second pillar is Reform. Cambodia seeks to turn crisis into an opportunity by increasing diversification and economic competitiveness, especially through digitalisation.
The third pillar is Strengthen Resilience. Through strengthening and preparedness in public institutions, the economy and finance, human resources, public health systems, skills training and social security, Cambodia will be ready to respond to similar issues that may arise in the future.
Vissoth said that future planning and cooperation must be strategically designed to make Cambodia strong, prosperous and resilient, which are the basis for economic growth and competitiveness.
In this regard, Cambodia needs to promote the development of science and technology to accelerate economic growth and expand its growth base. The country also needs more innovation in both the public and private sectors through the enhancement of digital technology and promoting e-commerce for small and medium enterprises, he said.
From 2018 to 2021, France has provided Cambodia with more than $293 million through AFD for clean water, education and capacity building projects, rural infrastructure rehabilitation, agricultural development projects, climate change mitigation and tourism.