By Kali Kotoski
Phnom Penh, May 23, 2016
The World Bank has approved $130 million in developmental aid aimed at reducing poverty in Cambodia, signalling its first direct re-engagement with the Kingdom since it left in protest in 2011 after one of the largest forceful evictions led by the government displaced more than 3,000 families.
The decision came last week when the World Bank’s executive directors voted on a new Country Engagement Note (CEN) that approved financing of four projects including infrastructure development, clean-water projects, agriculture production and access to health care.
The projects will be supported by $130 million in concessional credits from the bank’s International Development Association with repayment schedules stretched over 25 to 45 years.
“Our new engagement with Cambodia starts with projects aimed to bring tangible benefits for Cambodians,” said Ulrich Zachau, country director of the World Bank for Southeast Asia, in a press release.