Phnom Penh (VNA) –The Asian Development Bank (ADB) has approved a 50 million USD policy-based loan to support Cambodia's efforts to make its business environment more investment-friendly, upgrade businesses toward higher competitiveness, and ease trade barriers.
According to the bank, this is the second sub-programme of the ongoing Trade and Competitiveness Programme, aiming at reinforcing the government's efforts to leverage private sector investments to achieve higher, inclusive, and sustainable growth to improve the lives and livelihoods of its citizens.
ADB Country Director for Cambodia Jyotsana Varma said the programme supports ADB's continued commitment to advancing Cambodia's economic potential and creating a more robust enabling ecosystem for business to grow, leading to increased investment, job creation, and sustainable economic growth.
It focuses on micro, small, and medium-sized enterprises (MSMEs) as they are the backbone of the economy, and their growth is crucial to drive competitiveness, she added.
Through targeted incentives, the bank aims to empower the firms to diversify, integrate digital solutions, and increase productivity, she stated, saying this programme also seeks to facilitate smoother and more efficient cross-border trade by improving regulatory frameworks, streamlining procedures, and reducing barriers to trade, leading to Cambodia being better positioned to participate in regional and global markets./.
Cambodia announces new initiative to encourage use of local currency
The National Bank of Cambodia (NBC) and the country's Ministry of Commerce have recently announced a major step to promote the use of the local currency by encouraging businesses to register new bank accounts in riel.
