The British government has signed a Memorandum of Understanding (MoU) with Cambodia to support the country’s infrastructure development. The MoU was signed between the Ministry of Economy and Finance (MEF) and the British Ambassador to Cambodia, Dominic Williams. Under the agreement, the UK will provide technical support, promote investment opportunities, and mobilize private sector resources to help meet Cambodia’s infrastructure needs. The move is part of the growing bilateral relations between both nations and aims to deepen the longstanding cooperation between the UK and Cambodia.
Boosting Cambodia’s Infrastructure
The MoU aims to kick-start the flow of UK investments towards infrastructure development in Cambodia. The UK will provide technical expertise and connect Cambodia to regional and international infrastructure financing platforms to facilitate the mobilization of private sector resources in Cambodia. The goal is to address Cambodia’s infrastructure needs, which are critical to supporting the country’s economic and social development.
During the signing ceremony, Meas Soksensan, the Secretary of State for the Ministry of Economy and Finance emphasized the crucial role of the Government’s new Pentagonal Strategy-Phase I. The five key pillars of the strategy are growth, employment, equity, efficiency, and sustainability, which all contribute to Cambodia’s public infrastructure development. The PPP law enacted in November 2021 and the establishment of standard operating procedures in August 2022 will further diversify financing sources for public infrastructure development and enhance the delivery of public services.
Green Infrastructure Development
The MoU also aims to boost green infrastructure development in Cambodia, with a focus on integrating renewable energy, energy efficiency, and circularity elements into infrastructure development. Cambodia’s competitive advantages will be leveraged to create new value-added propositions that attract foreign investors.
The MoU between the British government and Cambodia is a positive development for the country’s infrastructure development. As the country seeks to achieve its Cambodia Vision 2050, it is crucial to have the support of international partners. The UK’s expertise and connections with regional and international infrastructure financing platforms will be critical in mobilizing private sector resources towards Cambodia’s infrastructure development. The focus on green infrastructure development is also commendable and will support the country’s commitment to sustainable development. Overall, the MoU marks a significant step towards deeper cooperation between the UK and Cambodia.
Source: Khmer Times