USAID and IFAD Commits US$150 Million to Further Promote Cambodia’s Agriculture

Two funding institutions have entered a memorandum of understanding worth about US$150 million to jointly promote agricultural sector in Cambodia.

According to a recent press release from the United States Embassy in Cambodia, the United States Agency for International Development (USAID) and International Fund for Agricultural Development (IFAD) signed the agreement at the embassy here in Phnom Penh.

Through cooperation with the Royal Government of Cambodia and other development agencies, the committed funding, added the source, will formulate support policies to boost agriculture which is an essential driving force for the country’s economic growth.

It will also look into technical capacity building toward better harvests and improvement the coordination among farmer and concerned business counterparts.

The funding covers operations throughout a five year period.

Source: Agency Kampuchea Press