France and EU grant $96 million to Cambodia

Ven Rathavong / Khmer Times No Comments Share:
Rémi Genevey (L) and Minister Aun Porn Moniroth (R) after inking the new financial agreement. courtesy of Finance Ministry

The French government and the EU have granted Cambodia some $96.7 million as aid and loans for water management, agriculture, fisheries clean water and hygiene.

The Ministry of Economy and Finance stated on Friday (Nov.17) that Finance Minister Aun Porn Moniroth signed a financing agreement for three projects with Rémi Genevey, director of the Agence Française de Développement’s  department (AFD).

The ministry said that the aid and loans amount to €84.67 million ($96.7 million).   About $63 million will be used for river rehabilitation and the construction of irrigation systems in Kandal, Kampong Thom, Siem Reap, Battambang and Preah Vihear provinces.  The EU/Asian Investment Facility also granted around $13 million to co-support the project.

Furthermore, the EU granted €25 million ($28.5 million) as aid for the improving fishery sector in Cambodia.

The AFD granted €4.67 million ($5.31 million) for clean water and hygiene projects.  It will cost approximately $110.8 million, and is financed by $50 million in loans from the Asia Development Bank (ADB), $50.81 million in loans and grants from the AFD and $10 million in aid from Japan.

Minister Porn Moniroth expressed his gratitude for the aid and loans from the AFD and the EU.

In toto, the French government has given Cambodia €554 million ($631.5 million) in aid and loans since 1993.

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