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World Bank Gives $15 Million Aid Grant

The World Bank has promised $15 million in poverty reduction and development grants that will focus on good governance.

"Firstly, we foresee higher rates of growth and poverty reduction through an improved investment climate, higher agricultural productivity and more effective public service delivery," World Bank Vice President for the East Asia and Pacific Jim Adams said in a statement. "Secondly, a reform dialogue with Government that's focused on governance and results, and thirdly, greater alignment of development partner policies and financial support."

Finance Minister Keat Chhon said in a statement the country's poverty reduction strategies had led to "substantial" improvements in Cambodia's economy.

Cambodia's economy has seen rapid growth rates in recent years, while fewer now live below the poverty line, the World Bank said.

Other economists, however, have cautioned that increased growth rates don't always translate into prosperity for Cambodia's poor. The higher economic growth rate, in reality, has meant a widening gap between the rich and poor, they warn.