ADB unveils $525 mn aid plan for Cambodia

The Asian Development Bank (ADB) on Tuesday announced a $525 million aid plan for Cambodia over the next three years to promote the country's economic growth.

The ADB said the money would be used to fund projects to promote rice production and exports, improve transport links and irrigation systems, and develop towns along economic "corridors" connecting Southeast Asia.

The plan aims to boost Cambodia's economy and make it "more resilient to external shocks," said ADB economist Peter Brimble.

Cambodia's economy is expected to grow by 6.4 percent this year, according to the Manila-based ADB.

Written off as a failed state after the devastating 1975-79 Khmer Rouge regime and several decades of civil war, the Southeast Asian nation has used garment exports and tourism to help improve its economy.

But it remains one of the world's poorest countries, with around a third of its 14 million people living on less than a dollar a day.

  • COMMENT: Xenophobia rears its ugly head in Singapore once more 8 hours ago
    COMMENT: Xenophobia rears its ugly head in Singapore once more

    Kirsten Han is a Singaporean blogger, journalist and filmmaker. She is also involved in the We Believe in Second Chances campaign for the abolishment of the death penalty. A social media junkie, she tweets at @kixes. The views expressed are … Continue reading →

  • Driving a $900,000 Porsche 918 Spyder to the future 11 hours ago
    Driving a $900,000 Porsche 918 Spyder to the future

    It’s more than just its inherent speed, or the whooshing noise that fills the cabin like a school choir jamming with James Hetfield. It’s what it represents in an industry full of skeptics. It’s a portal into the future – a time capsule left by some mad scientist born decades too soon. It’s something that shouldn’t exist. And yet it does.

  • 919 reasons to love: Flickr photo of the day 12 hours ago
    919 reasons to love: Flickr photo of the day

    We've brought you the drive video of the $900,000 Porsche 918 Spyder -- an 887-hp hybrid supercar with two electric motors working in harmony with a big 4.6-liter V-8. But how about this? Porsche's hybrid Le Mans racer -- the 919 Hybrid, sent to us by Kevin Leech. Get on board with electrification, folks. Because it's taking over the world.