PHNOM PENH, June 27 (Xinhua) -- The World Bank has approved 115 million U.S. dollars to expand Cambodia's electricity access and support sustainable energy growth, said its press release on Saturday.
The project, financed by a 110-million-dollar credit from the World Bank's International Development Association, along with a 5-million-dollar grant from the Energy Sector Management Assistance Program (ESMAP), will help Cambodia to transition to green economy, the press release said.
It added that the investment will ultimately benefit electricity consumers, public institutions, industrial enterprises, renewable energy developers, service providers, and energy-efficiency equipment suppliers, creating more and better jobs in the sector.
Cambodia's electricity demand has grown rapidly due to industrialization, urbanization, and rising living standards, the press release said.
While electricity access is now nearly universal, the country's next energy challenge is to make the power system more reliable, affordable, resilient, and increasingly clean, it added.
"Cambodia has achieved remarkable success in expanding electricity access," World Bank Country Manager Tania Meyer said.
"By strengthening the grid and helping businesses use energy more efficiently, this project will help support a clean transition that shields the economy from global energy volatility, drives growth, boosts competitiveness, and creates quality jobs," she added. ■
