The Asian Development Bank (ADB) has introduced a strategic plan set to redefine Cambodia’s developmental trajectory from 2024 to 2028. This strategy aims to forge a sustainable, inclusive, and resilient economy in Cambodia, aligning closely with the country’s ambitious Pentagonal Strategy for the same timeframe.
Spanning five years, ADB’s approach intends to partner with the Cambodian government and various stakeholders to ignite private-sector-driven economic diversification, enhance human development efforts, and fortify the nation against climate adversities. Embedding climate change mitigation, governance improvement, gender equality advancement, digital transformation encouragement, and regional cooperation deepening within its crosscutting priorities, the strategy outlines a holistic approach to national progress.
ADB Vice-President for East and Southeast Asia and the Pacific, Scott Morris, highlighted the collaborative nature of this new strategy, positioning it as a conduit for Cambodia’s sustained prosperity, well-being of its citizens, and ecological preservation. Morris underlines the promise of setting Cambodia on a trajectory towards achieving a high-income status in the future.
Central to the strategy is the ambition to catalyze prosperity through encouraging economic diversification. At its core is the pivotal role identified for the private sector in sustaining economic growth, with plans to improve climate-resilient infrastructure and fostering a conducive environment for business, particularly benefiting micro, small, and medium-sized enterprises.
The people-centric focus of the strategy commits to broadening access to essential services like education, skills training, health care, as well being as clean water and sanitation. Leveraging digital advancements for service delivery by local governments, enhancing nutrition and food security, the strategy sets the stage for improved national productivity.
In congruence with commitments to address climate change, the initiative outlines targeted adaptation efforts across agriculture, water resources, and urban development. Highlighting the shift towards renewable energy and the mobilization of concessional climate finance, it outlines a clear path for Cambodia’s sustainable and resilient future.
ADB, dedicated to fostering a prosperous, inclusive, and sustainable Asia Pacific, while focusing on eradicating extreme poverty, continues to support its members toward achieving these goals. Since its establishment in 1966, ADB has grown to include 68 members, with 49 from within the Asia and Pacific region, affirming its role as a critical player in regional development dynamics.
Source: Fresh News
