ADB Supports Cambodia's Push to Diversify Economy

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05/12/2008
finchannel.com
The FINANCIAL -- The Asian Development Bank (ADB) is extending a $10.3 million loan to assist in the ongoing development of Cambodia's financial sector and ensure a sound, efficient, and market-oriented financial system.

The loan will fund the implementation of the second subprogram under the Financial Sector Program II (FSP II) Cluster that was approved in December 2007. The program cluster comprises four subprograms to be implemented over a four-year period to 2010. A separate $300,000 grant will help implement some of the key triggers of the third subprogram.

The overall goal of the program is to put in place a sound, market-based financial system by maintaining the momentum for reform activities aimed at building confidence and financial intermediation, enhancing resilience and efficiency, and promoting good governance. This is in line with the government’s efforts to sustain economic growth and reduce poverty.