PHNOM PENH, June 12 (Xinhua) -- The Asian Development Bank (ADB) has committed approximately 1.26 billion U.S. dollars to support the Cambodian government for the period 2024-2028, the lender said in a news release on Wednesday.
The commitment was unveiled during the inauguration ceremony of the ADB's new resident mission in Phnom Penh.
Speaking at the event, ADB President Masatsugu Asakawa said the commitment, under the ADB's new country partnership strategy for 2024-2028, is tailored to Cambodia's development needs by prioritizing economic diversification, human capital development, and climate resilience.
Cambodian Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said the ADB has been a long-standing and trusted development partner of Cambodia, contributing significantly to the country's development.
"This strategy will help to accelerate the development of Cambodia toward achieving the 2030 milestone of transforming Cambodia into an upper-middle income country and the 2050 vision of transforming Cambodia into a high-income country," he said at the event. ■