Phnom Penh (VNA) – The European Investment Bank (EIB), the bank of the European Union (EU), will invest 80 million EUR (about 97 million USD) in the Irrigated Agriculture Improvement Project (IAIP) to extend water supply and irrigation networks in several provinces across Cambodia.

The IAIP will improve the efficiency of irrigation systems, increasing the resilience of Cambodian agriculture to climate change. In the long term, the project will contribute to better water resources management, increased efficiency of agricultural production and, in turn, the reduction of rural poverty in Cambodia.

The project is expected to enable Cambodia to establish a National Water Resources Data Management Centre, crucial in the long term for the country’s ability to mitigate the effects of climate change on water supply and agriculture.

About 200,000 farmers across five Cambodian provinces and 51,000 hectares of agricultural land are expected to benefit from the project.

Cambodian Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said Cambodia welcomes the EIB investments in the IAIP as an important step towards improving living conditions and agricultural production in the country./.