Cambodia Signs Concessional Loan Agreement from IFAD to Promote Markets for Small-Scale Agriculture

Cambodia has officially entered an agreement for a concessional loan worth US$36.30 million from the International Fund for Agricultural Development (IFAD) to promote markets for small-scale agriculture.

Senior Minister and Minister of Economy and Finance H.E. Aun Porn Moniroth signed the terms with IFAD President Mr. Gilbert Fossoun Houngbo at the IFAD headquarters in Rome, Italy early this week.

According to the senior minister, about US$61 million will be needed to implement the project and the Royal Government of Cambodia, concerned private sector as well as other stakeholders will take care of the gap.

The project, implemented by the Ministry of Commerce in collaboration with the Ministry of Economy of Finance and the Rural Development Bank, primarily focuses on the production of rice, vegetables, poultry, cassava and silk in 15 provinces of Cambodia.

The six-year project - from 2017 to 2022 - will support some 75,000 Cambodian farmer households to overcome challenges both in the production and market identification stages.

With the newly granted amount, the cooperation between the Royal Government of Cambodia and the International Fund for Agricultural Development has increased to US$180 million.

Source: Agency Kampuchea Press