February 24, 2014
- The World Bank Group (WBG) has had a longstanding partnership with Cambodia since 1993, when it received its first credit. Cambodia has made good progress in reducing its poverty rate down to roughly 20%. Nevertheless, the country continues to face significant development challenges. About three million Cambodians still live below the national poverty line, with 90% in rural areas. Nearly 40% of children under the age of five suffer from malnutrition and 28% in the same age group are underweight.
- The WBG’s engagement in Cambodia currently includes support for the implementation of ongoing IDA funded projects that were approved before 2010, the management of trust funds provided by donors, and analysis and advice. The IFC has been involved in supporting private sector investment.
- The WBG seeks to support the country’s efforts to reduce poverty through an expanded program, including new IDA funding. To this end, the WBG plans to work with Cambodia to develop an Interim Strategy Note (ISN) that will cover an 18-24 month period and spell out areas of support.
- To inform the preparation of the ISN, the WBG plans to hold full and open consultations with stakeholders in Cambodia, ranging from the government, elected officials, civil society representatives, private sector, and development partners. The consultations will provide stakeholders opportunities to make their voices heard. People can already provide their views online.
- The timeline for the consultations and the preparation of the ISN will be influenced by evolving conditions in Cambodia. We will work closely with our counterparts and stakeholders as we move forward.