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World Bank lends $41m to help Cambodia fight poverty


June 16, 2008

World Bank lends $41m to help Cambodia fight poverty

The World Bank have signed agreements with Cambodian Ministry of Economy and Finance to help the country materialise two projects, namely Road Asset Management and Land Allocation for Social and Economic Development, according to the bank’s press release issued Friday.

Cambodia will be provided with $41.5 million in credit and grants to carry out the projects, which aim at fighting poverty by improving road access and enabling poor and landless people to gain livelihood, it said.

"We recognise our responsibility to utilize these credits and grant in an efficient, accountable and transparent manner and to ensure that the benefits will flow to the people of Cambodia," said Keat Chhon, Minister of Economy and Finance.

The bank’s Country Director Ian Porter said that "our Country Assistance Strategy (CAS) places a lot of emphasis on WB supporting the development of infrastructure and sustainable natural resource management to benefit rural communities."

Under the first project, the bank is well positioned to continue its support together with other development partners for a more comprehensive approach to road asset management capacity, with a strong focus on ensuring adequate maintenance of road infrastructure.

Under the second project, the bank will also be working with the government and other partners to ensure local communities, particularly poor, landless and land-poor people, benefit from improved land management, including land access and tenure security.

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