The Asia Development Bank Extends a $250 million loan to Cambodia
The Asian Development Bank (ADB) on July 8 approved a $250 million loan to help the Cambodian government rebuild the country’s economy that has been severely affected by the Coronavirus Disease 2019 (COVID-19) pandemic.
According to the ADB’s press release, this loan will go toward strengthening the country’s healthcare system, increasing social assistance to the poor and vulnerable, and providing economic stimulus to businesses including small and medium-sized enterprises.
“This assistance will help the government mitigate the adverse health, social and economic impacts of the pandemic,” said ADB President Masatsugu Asakawa, according to the press release. “Cambodia has a record of sound macroeconomic management but COVID-19 threatens to undermine progress in poverty reduction, especially among vulnerable groups such as women and migrant workers.
