Logo of Phnom Penh Post newspaper Phnom Penh Post - Green funding will be first for Kingdom: ADB

Green funding will be first for Kingdom: ADB

Workers construct a section of the road on the southern outskirts of Phnom Penh in 2014.
Workers construct a section of the road on the southern outskirts of Phnom Penh in 2014. Heng Chivoan

Green funding will be first for Kingdom: ADB

The Asian Development Bank’s recent announcement of $40 million in funding for Cambodia marks the first funds from the Green Climate Fund that were earmarked for the Kingdom, according to ADB officials.

The money – a $30 million grant and a $10 million concessional loan – will go towards the “climate-friendly agribusiness value chains sector project”, according to Srinivasan Ancha, principal climate change specialist at the organisation.

“The amount will be used to enhance climate resilience of agricultural value chains in selected provinces of Cambodia,” Srinivasan said, adding that the government of Cambodia would be the recipient of the money.

The six-year project will involve the Agriculture Ministry, Water Resources and Meteorology Ministry and Rural Development Ministry, according to Srinivasan, who said the project aims to boost the competitiveness of Cambodia’s agricultural sector by increasing productivity and boosting efficiency.

Cambodia is regularly ranked as among the most susceptible countries to climate change, with the Kingdom’s economy and population both sensitive to climate-related disasters and shocks that are expected in the future due to global climate change.

The ADB and the Green Climate Fund, both international funding organisations, signed an agreement in August last year allowing the bank to use the fund’s resources in order to reduce greenhouse gas emissions and mitigate expected risks resulting from climate change in developing nations.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused