Cambodian Invest More than USD 500 Million to Export Rice

The Government Cambodian  has also invested around USD 510.22 million from 2009 up to June 2011 to boost for rice export, Cambodian Prime Minister said in his speech to the 16th Government-Private Sector Forum recently.

The Cambodian government invested USD 101.43 million in 2009 and USD 188.79 million in 2010 in the continued expansion of irrigation. As of June 2011, the Royal Government has made an additional investment of USD 220 million, he said.

At the same time, the Royal Government, through the Ministry of Economy and Finance, is planning to provide financing, in a form of no-interest credits, of about USD 80 million in 3 years (2011-2013) to Electricité du Cambodge for the investment in the establishment of sub-transmission lines in order to increase the scope of energy supply for more people to use and connect with paddy production and milling machines areas, he said.

For the implementation of measures for paddy collection and processing, the Royal Government has doubled the money of Agriculture Support and Development Fund from the initial fund of USD 18 million to USD 36 million, he added

This fund is managed by the Rural Development Bank, and the Bank has provided credits to 251 Rice Millers Associations in 10 provinces. The Royal Government through the Ministry of Economy and Finance has established Credit Guarantee Scheme with an amount of Riel 105 billion, equivalent to USD 25 million, to encourage commercial banks to provide loans for paddy collection and processing, he said.

Also, the Ministry has also signed agreements on financing cooperation and on risk sharing in agriculture and agro-industry management with the World Bank and International Financial Cooperation (IFC) with an amount of USD 25 million to promote the provision of loans to agriculture projects such as paddy-milled rice.

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