The Asian Infrastructure Investment Bank (AIIB) is planning to invest $60 million in Cambodia’s recovery efforts. Some 480,000 people in five provinces are expected to benefit from the loan, which is AIIB’s first sovereign-backed financing in the country.
The money will be used to fund local rural economic development, improving the surface of some 235 kilometers (146 miles) of existing roads and restoring 150 water sanitation and hygiene rural programs, amongst other initiatives.
“Our support to Cambodia is part of the bank’s concerted effort to broaden our services to our lower-income members,” said D.J. Pandian, vice president of investment operations at AIIB. “AIIB is strongly committed to ensuring that the government of Cambodia has the necessary resources and capacity to protect the most vulnerable in the country.”
The ADB investment follows on the heels of an €80 million ($97 million) injection from the European Investment Bank