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World Bank Grants $41 Million for Poverty Plans


The World Bank announced Thursday it would provide Cambodia $41.5 million in renewed funding to help it fight poverty for strategies planned from 2007 to 2011.

The funding was approved after a review found a relevance for the strategies in improving governance and development, the World Bank said.

Cambodian People’s Party lawmaker Chiem Yeap, chairman of the National Assembly’s finance and banking committee, welcomed the World Bank money, saying Cambodia needs a larger budget to fight poverty.

Cambodia’s poor number almost 4.8 million, and 90 percent of them live in rural areas, where they depend on agriculture using traditional, unproductive methods.

In June 2006 the World Bank suspended the government’s rights to funds for three project.

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