Australia loans poverty reduction project

Cambodia and Australia have agreed to form a private enterprise fund to provide loans to any firm contributing to poverty reduction in Cambodia , the Council for the Development of Cambodia (CDC) announced yesterday, reports Khmer-language Rasmei Kampuchea. “Keat Chhon, deputy prime minister and CDC first president, and Margaret Adamson, Australian ambassador to Cambodia, inked a Private Enterprise Fund Project memorandum of understanding (MoU) on Tuesday at the CDC,” according to a CDC statement.

The fund project will give credit to private enterprises whose investments are primarily aimed at combating poverty in Cambodia , the statement read. The loans mainly target agriculture, industry, transportation, physical infrastructure, telecommunications and the financial and tourism sectors. Private business owners may only request loans of between 100,000 AUD [around US$67,875] and 1.5 million AUD [around US$1,018,139] if they can match the borrowed amount with their own capital, the CDC explained.

The Australian government has already introduced the project in nine countries, including Cambodia and Laos , the CDC said, adding that it has allocated 20 million AUD [around US$13.5 million] for the poverty reduction project.


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