On Friday 14 March, the European Union invested nearly €80 million to modernise Cambodia’s agricultural sector, improve food security and boost export potential, as part of the Union’s Global Gateway investment strategy.
This investment includes an EU grant of €15 million for the Agricultural Services for an Inclusive Rural Economy and Agricultural Trade Programme (ASPIRE-AT), complemented by a €60 million loan from EIB Global (the development arm of the European Investment Bank) and €4.5 million in EU technical assistance.
The total investment is expected to benefit 100,000 small-scale farmers, 25,000 land-poor households and 500 agricultural businesses.
In particular, it will help to modernise Cambodia’s national agricultural laboratory, expand agricultural facilities and finance the construction of the Kaoh Khsach Tonlea bridge to improve transport and market access.
“These investments are strategically spread over several sites in Cambodia, ensuring a broad geographical impact and better integration into regional and global markets,” according to a press release from the European External Action Service (EEAS).
Co-financed by the International Fund for Agricultural Development (IFAD) to the tune of $49 million, the programme is part of the EU’s Global Gateway strategy, which aims to promote sustainable growth, climate resilience and inclusive economic development. (Original version in French by Pauline Denys)