Japan International Cooperation Agency (JICA) on November 10 signed a loan agreement with the Cambodian government to provide a Japanese Official Development Assistance (ODA) loan of about 240 million USD for the COVID-19 Crisis Response Emergency Support Loan, JICA said in a statement on 18 November.

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“The objective of the programme loan is to subsidise the country’s recovery from the social and economic downturn caused by COVID-19 through budget support for the implementation of the COVID-19 Master Plan and related policies,” it said.

The statement said this loan will contribute to the achievement of Sustainable Development Goal 1 to end poverty in all its forms, Goal 3 to ensure healthy lives and promote well-being for all of all ages and Goal 8 to promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.

It said the project “COVID-19 Crisis Response Emergency Support Loan” aims to provide financial support to the government to implement countermeasures against COVID-19, such as maintaining and activating economic and social activities, protecting socially vulnerable people and improving the health system in the Kingdom.

“These measures in turn contribute to stabilising the economy and society of Cambodia and encouraging efforts for sustainable development,” said the statement.

It said this project matches the development subjects and policies of the government and the cooperation policies of the Japanese government and JICA, said the statement.

The statement said Cambodia has a close economic relationship with Japan, which accounted for 8.3 percent of Cambodia’s exports and 3.2 percent of imports in 2018.

“There is concern that the spread COVID-19 may seriously affect 388 Japanese companies operating in Cambodia,” it said.

A Ministry of Economy and Finance spokesman Meas Soksensan told Khmer Times on 19 November that to combat COVID-19, the government is still welcoming all sources of resources and will use the money with transparency to rightly target economic recovery.

Source: VNA