$1.5B investment from EU to power Kingdom’s growth
BETWEEN 1992 and 2023, the EU provided over $1.5 billion in collaborative financing, which has supported the implementation of major projects in the agricultural, environmental, industrial, educational and trade sectors, as well as the private sector.
Chhieng Yanara, second vice-president of the Council for the Development of Cambodia (CDC), met with EU ambassador to Cambodia Igor Driesmans on December 12, according to a CRC press release.
During the meeting, the two sides discussed the progress of developmental cooperation between Cambodia and the EU. They also shared experiences which would enable them to strengthen the collaboration and partnership in the future.
The release added that Driesmans spoke highly of the Cambodian government’s efforts to achieve progress in developing the Kingdom, and of the CDC’s collaboration with the EU.
He also discussed the Joint European Strategy for Development Cooperation with Cambodia (2021-27), the EU Multi-Year Programme 202127 and the Team Europe Initiative, as well as the EU’s vision of continued future collaboration.
“We provided $88 million in collaborative financing in 2023, which has supported the implementation of many major projects,” he added.
Yanara expressed his gratitude to the EU for its continued commitment to support Cambodia, especially through the achievements of their joint agreements. He noted that these programmes have made a significant contribution to the Kingdom’s socioeconomic development.
“On behalf of the Cambodian government, I admire the EU for its Team Europe Initiative, which is an important mechanism for assisting and supporting developing countries by attracting sustainable investment. This mechanism supported Cambodia in curbing the spread of Covid-19,” he added.
Both sides strongly believed that the diplomatic ties and partnerships between Cambodia and the EU would continue to strengthen and expand in the future.
The press release added that in the future, Yanara will lead a senior delegation to the Economic and Financial Policy Committee Meeting, where the Development Cooperation and Partnerships Strategy 2024-28 will be drafted.
“The draft strategy will align with the context of development cooperation, especially the exchange of aid effectiveness into development effectiveness,” it said.