BRUSSELS – The European Union is offering Cambodia 410 million euros ($501 million) in development aid for the period until 2020 – three times as much as it provided during the last seven years – the bloc's executive announced Monday.
Cambodian fishermen go to work on their boat on the Mekong River in Phnom Penh, Dec 11. The European Union is offering Cambodia 410 million euros ($501 million) in development aid for the period until 2020. (EPA photo)
"This substantial increase of our bilateral assistance is a sign of our commitment to Cambodia's economic, social and political development," said EU foreign policy chief Federica Mogherini, praising the country's progress in all these areas.
The EU's aid programme "will continue to support Cambodia's successful poverty reduction efforts," added EU Development Commissioner Neven Mimica.
The European Commission praised Cambodia's "outstanding progress" in the past 10 years but warned that the majority of people lifted out of poverty remain "highly vulnerable."
The money will go towards improvements in agriculture, education and the country's governance - tackling issues such as decentralization and electoral reform - the commission said in a statement.
Monday's announcement follows the EU's Nov 25 declaration that it would pledge the equivalent of 10.4 billion baht a year to Myanmar to fund rural development, political reform, peace initiatives and other issues for the next three years.
The 257 million euros in financial aid covers a wide range of areas, from health, education, trade, and culture to the environment, human rights and civil society. The programme begins this year and ends in 2016, the EU said.
Rural development topped the list of issues to benefit from the assistance, with 70 million euros of the total earmarked, followed by 31 million euro for political reform - including new general elections next year - and 30 million for peace and reconciliation initiatives.