News

Ministry scolds South Korean firm

Sun Chanthol, senior minister and minister of Public Works and Transport, met with the president of Dansan Consultants on Friday to talk about the lack of safety signs on a construction site on National Road 21 that allegedly caused two deaths in a traffic accident. ...

Tin Sokhavuth
http://www.khmertimeskh.com/news/28162/ministry-scolds-south-korean-firm/

Korean firm violated its contract: Minister

Sun Chanthol, the Minister of Public Works and Transport, said last week that Hanshin Engineering and Construction Company, a Korean firm that won the contract to improve National Road 21, violated the contract with the government by hiring a subcontractor to do the job. ...

Tin Sokhavuth
http://www.khmertimeskh.com/news/27873/korean-firm-violated--its-contract--minister/

Booming growth pushes Cambodia to lower-middle income status

Despite some appearances to the contrary, things in Cambodia are looking pretty rosy at least according to the World Bank. In its latest revision of world economies the Bank raised Cambodia’s status from a low-income economy to a lower-middle income country. ...

Vat Vin
http://aecnewstoday.com/2016/booming-growth-pushes-cambodia-to-lower-middle-income-status/

New weather stations being built in provinces

In an attempt to deliver more accurate weather reporting in the Kingdom, the Ministry of Water Resources and Meteorology has started building 30 additional weather stations throughout the country, according to officials. ...

San Bunsim
http://www.khmertimeskh.com/news/27278/new-weather-stations-being-built-in-provinces/

Railway link on track

Cambodia is committed to complete construction of the 6.5-kilometer cross-border railway linking Poipet city in Banteay Meanchey province to neighboring Thailand’s Sisophon province by the year’s end. ...

Chea Vannak
http://www.khmertimeskh.com/news/27096/railway-link-on-track/

Cambodia's economic status raised to lower-middle income

The World Bank has officially revised the status of Cambodia’s economy, moving it up a rung from the low-income bracket into lower-middle income territory – a reclassification that economists expect will lead to a scale-back of foreign aid and preferential trade access over the coming ...

Cam McGrath and Hor Kimsay
http://www.phnompenhpost.com/business/cambodias-economic-status-raised-lower-middle-income

10% of GDP lost to climate change

Cambodia lost 10 percent of its gross domestic product (GDP) last year to the negative effect of climate change, according to the Asian Development Bank (ADB). In announcing a $96 million package to help the Kingdom cope with the loss of livelihoods and income due to ...

Chea Vannak
http://www.khmertimeskh.com/news/26780/10--of-gdp-lost-to-climate-change/

Angel investors raise hopes for local startups

Seven angel investors descended on Phnom Penh last Friday as part of the launch of a new investment initiative that aims to tap into Cambodia’s growing startup culture and support entrepreneurial endeavours with guidance and early stage risk funding. ...

Kali Kotoski
http://www.phnompenhpost.com/business/angel-investors-raise-hopes-local-startups

Environment focus for UNDP

Monday’s World Environment Day was recognized by the United Nations Development Programme (UNDP) when the organization’s headquarters in Cambodia issued a press release outlining the importance of environmental protection in the Kingdom. ...

Tin Sokhavuth
http://www.khmertimeskh.com/news/25923/environment-focus-for-undp/

IFC banking on smart graduates

The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $13 million loan to support a higher education campus for the Acleda Institute of Business that will help raise education standards, enhance students’ employability and encourage sustainable economic growth. ...

Sum Manet
http://www.khmertimeskh.com/news/25667/ifc-banking-on-smart-graduates/

ADB praises economy

The Asian Development Bank on Monday named Cambodia as the fastest growing economy in Asia in its latest new analysis article titled Here Comes Cambodia: Asia’s New Tiger Economy. ...

May Kunmakara
http://www.khmertimeskh.com/news/24857/adb-praises-economy/

Kingdom's economy to remain stable: ADB

Cambodia’s economy is expected to remain stable this year as uncertainty surrounding China’s economic slowdown appears to ease, and backed primarily by strong performance in garment and footwear manufacturing, as well as construction, the Asian Development Bank (ADB) said yesterday. ...

Kali Kotoski
http://www.phnompenhpost.com/business/kingdoms-economy-remain-stable-adb

Road project ‘mishandled’

A seven-year, multimillion-dollar road rehabilitation project was rated “less than successful” in a report last week by the Asian Development Bank’s Independent Evaluation Department. ...

Alessandro Marazzi Sassoon
http://www.phnompenhpost.com/national/road-project-mishandled

New pier to attract tourists

Kampot province’s City Hall yesterday revealed plans for a new passenger pier to siphon more coastal tourism business from Thailand and Vietnam. Sim Vuthea, administrative director of Kampot City Hall, said the new $40 million passenger pier, which will be funded by the Asian Development Bank ...

Chan Muyhong
http://phnompenhpost.com/business/new-pier-attract-tourists

Donors meet over new civil servant per diems

Cambodia’s international donors met Tuesday to decide whether they will comply with the government’s recent move to increase the per diem that civil servants receive for attending work-related, out-of-office events. In July, Prime Minister Hun Sen signed off on a sub-decree raising the Daily Subsistence Allowance ...

Paula Brito
http://www.cambodiadaily.com/news/donors-meet-over-new-civil-servant-per-diems-72133/

Poor electricity and labor force hurting economy, report says

The World Bank and Asian Development Bank issued a report on Tuesday, urging Cambodia to improve its electricity supply and workforce in order to be competitive. Intermittent electricity, informal payments and a low-skill labor force are all major constraints to doing business in Cambodia, the ...

Heng Reaksmey
http://www.voacambodia.com/content/poor-electricity-and-labor-force-hurting-economy-report-says/2499227.html

Open economy needs new strategy for regional integration

Cambodia must do more than open its borders for trade and investment if it hopes to benefit from regional economic integration and reduce the glaring economic inequality wrought by entrenched patronage networks and corrupt institutions, according to a new report by the Asian Development Bank ...

George Styllis and Kang Sothear
http://www.cambodiadaily.com/business/open-economy-needs-new-strategy-for-regional-integration-71127/

ADB provides nearly 99 mln USD to Cambodia for 3 projects

The Asian Development Bank (ADB) on Monday signed to provide grant and loan agreements worth nearly 99 million U.S. dollars to Cambodia for three development projects, the bank said in a press statement.​ The agreements cover a rural roads improvement project, a technical and vocational ...

Xinhuanet News Staff
http://news.xinhuanet.com/english/world/2014-10/27/c_133746073.htm

ADB bidding in K Cham canceled as row erupts

Officials delayed the bidding process for three projects funded by the Asian Development Bank (ADB) on Wednesday after heated arguments between bidders broke out in Kompong Cham province’s Choeung Prey district, local officials said on Thursday. ...

Ouch Sony
http://www.cambodiadaily.com/news/70849-70849/

Value chain in decline: WTO

Cambodia is one of only two economies worldwide to have declined in global value chain (GVC) participation since 1995, according to the World Trade Organization’s latest study. The WTO’s World Trade Report 2014, released Monday, shows Cambodia’s overall percentage of GVC participation – one country’s contribution ...

Eddie Morton
http://phnompenhpost.com/business/value-chain-decline-wto

IMF maintains Cambodia's projected growth at 7.2 pct in 2014

The International Monetary Fund (IMF) on Friday kept its projection for Cambodia’s economic growth rate at 7.2 percent this year and 7.3 percent next year. ...

Xinhuanet News Staff
http://news.xinhuanet.com/english/business/2014-10/10/c_133705938.htm

ADB, Japan assist grassroots push to reduce disaster impacts in Cambodia

The Asian Development Bank (ADB) and the Government of Japan are supporting a grassroots project to manage risks and reduce impacts from floods and other natural disasters in vulnerable communities in Cambodia. The Community-Based Disaster Risk Reduction project, financed by a $2.5 million grant from the ...

The Cambodia Herald News Staff
http://www.thecambodiaherald.com/cambodia/adb-japan-assist-grassroots-push-to-reduce-disaster-impacts-in-cambodia-7452

Vocational training to get $30M ADB boost

The Asian Development Bank (ADB) announced last week a $30 million loan aimed at overhauling Cambodia’s technical and vocational education system (TVET). According to a September 26 statement issued by the ADB, the new funding will go towards launching a “competency-based” assessment and certification process, and ...

Eddie Morton
http://phnompenhpost.com/business/vocational-training-get-30m-adb-boost

ADB firms up growth prediction

The Asian Development Bank (ADB) has maintained its growth projections for Cambodia in 2014. The ADB’s midyear outlook for Cambodia, released yesterday, states that Cambodia’s economy still stands to achieve 7 per cent growth by the end of the year, and potentially 7.3 per cent in ...

Eddie Morton
http://phnompenhpost.com/business/adb-firms-growth-prediction

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