ABD to assist Cambodia

ABD to assist Cambodia

PHNOM PENH (AFP): The Asian Development Bank (ADB) has agreed to assist the Cambodian government by funding a five-year-plan to boost the economic development of this once war ravaged country, a local paper reported yesterday.

Senior officials signed a memorandum of understanding (MOU) for US$3.9 million to assist the implementation of the plan, the English-language Cambodia Daily reported.

The signatories were the Manila-based Asian Development Bank (ADB), the ministry of finance, the ministry of planning and the Council for the Development of Cambodia (CDC).

The effective implementation of the plan would require close cooperation and communication between the two ministries and the CDC, ABD official Urooj Malik said after the signing Friday.

Finance Minister Keat Chhon said the plan, designed to steer economic policy until the year 2000, was the first for Cambodia since the formation of the royal government in 1993.