PRESS RELEASE May 30, 2019

New World Bank Group Partnership Framework Supports Cambodia’s Shift to a More Diversified Economy

WASHINGTON, May 30, 2019—The World Bank’s Board of Executive Directors today endorsed the Country Partnership Framework (CPF) for Cambodia for 2019 – 2023.

The new CPF will focus on promoting state efficiency and boosting private sector development, fostering human development, and improving agricultural productivity and the sustainable use of natural resources.  Strengthening governance, institutions and public engagement will be a key theme embedded into activities across the CPF.

These focus areas are aligned with national priorities as laid out in the current phase of the government’s Rectangular Strategy for Growth, Employment, Equity and Efficiency. The CPF reflects the findings of the World Bank Group’s Systematic Country Diagnostic for Cambodia, as well as feedback from public consultations.

“Cambodia has sustained rapid growth and impressive poverty reduction over the past two decades, improving the living standards of most families,” said Inguna Dobraja, World Bank Country Manager for Cambodia. “Going forward, Cambodia faces three challenges: to shift toward a more diversified and higher-value economic base, to build human capital for a more sophisticated economy, and to enhance economic inclusion to reach the remaining poor. The World Bank Group will partner with Cambodia to achieve these goals while strengthening citizens’ engagement in the development process.”

Under the first focus area of the CPF – promote state efficiency and boost private sector development – the World Bank Group will work with Cambodia to support financial sector development and foster private enterprise; strengthen public sector accountability and public financial management; and expand needed investments in sustainable infrastructure.

“IFC, with its focus on private sector development, will continue mobilizing private financing and collaborating across the World Bank Group to promote a robust private sector in Cambodia,” said Kyle Kelhofer, IFC Country Manager for Cambodia, Lao PDR and Vietnam. “Our focuses will be expanding access to finance for smaller businesses, enhancing the country’s agricultural competitiveness, and improving infrastructure services essential to business development.”

As part of fostering human development, the CPF aims to enhance the quality of education and continue alignment with labor demands, while expanding access to quality early childhood services, healthcare and nutrition services.

Under agricultural productivity and strengthening the sustainable use of natural resources, the CPF will help improve the management of water and land resources and agricultural productivity and diversification.

Of particular importance under the CPF is the cross-cutting theme of strengthening governance, institutions and citizen engagement, which will be integrated in all World Bank-financed activities. In this way, the World Bank will help give citizens a greater voice in the development process and encourage transparency and accountability at all levels of government. 

To inform the development of the CPF, the World Bank Group conducted consultations with the National Assembly, government officials at both national and sub-national levels, private sector representatives, development partners, and civil society organizations.

 


PRESS RELEASE NO: 2019/192/EAP

Contacts

Phnom Penh
Saroeun Bou
(855 12) 414 088
sbou@worldbank.org
Washington
Nick Keyes
+1 (202) 473-9135
nkeyes@worldbank.org
Api
Api