ADB granted US $59.4 million in loans to Cambodia
In response to fight against the global financial crisis, the amount of $59.4 million in concessional loans has been granted to Cambodia by Asian Development Bank (ADB).
The money has been made available through the bank’s Asian Development Fund (ADF), which received a $400 million boost Tuesday as part of a much broader $3.4 billion fiscal spending package approved by the bank’s directors, the Phnom Penh reported.
According to the Phnom Penh Post, The ADF resources are intended to finance key development investments in those low-income countries that are among the most fiscally constrained in responding to the crisis.
ADB Country Director for Cambodia Arjun Goswami was quoted but the Phnom Pen Post as saying that the Cambodian government was currently determining which sectors most needed the additional economic stimulus to offset the impact of the economic crunch. “We haven’t gone through the list yet to nail down exactly which ones.”