ADB Launches New 2024-2028 Country Partnership for Cambodia
Asian Development Bank (ADB) has launched the Country Partnership Strategy 2024-2028 for Cambodia which is aligned to the Kingdom's national Pentagonal Strategy which covers the same period and was announced when current Prime Minister Hun Manet took office in 2023.
The Country Partnership Strategy's main aims are to improve pathways for a sustainable, inclusive, and resilient economy in Cambodia added the ADB with Prosperity, People & Planet the three core areas of focus.
ADB Vice-President for East and Southeast Asia and the Pacific Scott Morris said, "Shaped in close collaboration with diverse stakeholders, ADB’s new country strategy is a partnership with Cambodia for its prosperity, its people, and the planet. It heralds an exciting new chapter of growth and opportunity in Cambodia’s development journey, one that aims to set the country on the path to high-income status in the decades ahead.”
The ADB added online in May 2024, “Under the Country Partnership Strategy 2024-2028 for Cambodia, ADB will work closely with all stakeholders to accelerate private-sector-led economic diversification, advance human development, and strengthen climate resilience. Addressing climate change, enhancing governance and institutional capacity, improving gender equality, promoting digitalization, and deepening regional cooperation and integration are also ADB’s crosscutting priorities under the CPS, 2024-2028.”
What Does the Cambodian ADB Country Partnership Strategy 2024-2028 Do?
The 5-year strategy places the focus on working with the Cambodian government and other partners to:
- Accelerate private-sector-led economic diversification.
- Advance human development.
- Strengthen climate resilience.
Among the more comprehensive goals, are enhancing governance and institutional capacity, improving gender equality, promoting digitalization, as well as regional cooperation and integration.
In terms of attracting investment and economic growth, the strategy also intends to help create an enabling business environment, beneficial for all (micro, small, and medium-sized) enterprises.
Sustainability is also key and renewable energy sources, the mobilisation of concessional climate finance, and a commitment to a greener and more resilient future for Cambodia are all incorporated into the plans.
