The European Union (EU) announced it has allocated 410 million EUR (510 million USD) in aid for Cambodia to help the country boost its economic development in the 2014-2020 period.

According to the European Commission’s December 22 press release, the aid package is three times higher than that granted for Cambodia during 2007-2013.

EU High Representative for Foreign Affairs and Security Policy Federica Mogherini said the assistance affirms the EU’s commitment to Cambodia’s political stabilisation and socio-economic development efforts.

Appreciating the encouraging achievements Cambodia has made in recent time, she expressed her hope that the EU will further contribute to the inclusive and sustainable economic growth as well as strengthening the democratic progress in the country.

Neven Mimica, Commissioner in charge of International Cooperation and Development, said that the fund will continue to help Cambodia step up poverty reduction and accelerate reforms in education, agriculture, natural resources and administration management.

Besides this aid, Cambodia will receive support from other EU programmes, the press release added.

(Source: VNA)