[PHNOM PENH POST]
Cambodia and the Asian Development Bank have signed their latest loan
agreement of US$15 million for the development of the Kingdom’s
financial sector, according to ADB.
The money would be used for a
number of development programs, including the improvement of regulatory
regimes, creation of an inter-bank lending market and increased
consumer access to credit, ADB said.
ADB’s loan has a 24-year
term, including an eight-year grace period with an interest rate of 1
per cent and 1.5 per cent for the balance of the term.
The loan
agreement, signed yesterday, marked the commencement of the third
Financial Sector Program (FSP) co-ordinated by the ADB and Cambodia, as
well as the finalisation of the Kingdom’s Sector Development Strategy
2011-2020, ADB senior country economist for Cambodia Peter Brimble said
yesterday.
He noted that finance was “a key pillar” of ADB’s partnership strategy with Cambodia.
The
bank also offered Cambodia a grant of $1.1 million for technical
assistance, with $300,000 of that to strengthen the capacity of the
National Bank of Cambodia, the Ministry of Economy and Finance, the
Ministry of Commerce and the Securities and Exchange Commission of
Cambodia.
More than $1.5 billion in new and increased loans had
been generated, and more than 12,000 jobs created, as a result of more
than $75 million in assistance during the first two phases of the FSP
since 2001, the ADB said.
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