The European Union announced on Monday it will provide Cambodia with €410 million ($500 million) of funding between 2014 and 2020.

A statement issued by the European Commission said that the funds will assist in boosting agriculture, education, governance and administration reforms.

“Cambodia has achieved outstanding socioeconomic progress over the past 10 years,” EU foreign policy chief Federica Mogherini was quoted saying in the statement.

“The EU has therefore decided to increase its support to Cambodia to help the country’s ambitions to further reduce poverty, to promote equitable and sustainable growth and to enhance good governance, democracy and the rule of law.”

In addition to the bilateral program, the statement said that Cambodia will continue to receive support under other EU program.