Up to 200,000 Cambodian families in rural areas will benefit from year-round reliable and safer road network improved vital rural infrastructure and better food supply as the European Investment Bank (EIB) invests EUR 51m in the Sustainable Assets for Agriculture Markets, Business and Trade project (SAAMBAT).
SAAMBAT is a USD 125m rural development project and a partnership between the International Fund for Agricultural Development (IFAD), the EIB and Royal Government of Cambodia; the project was launched on 3 February 2020 in Phnom Penh.
Andrew McDowell, Vice President of the EIB, said: “As the European Union`s bank, the EIB is particularly happy to support SAAMBAT and make a direct contribution to improve the quality of life for Cambodians in rural locations. The partnership with the Government of Cambodia and IFAD is an excellent example of how international collaboration can effectively deliver positive and tangible change to rural communities. The many activities under the SAAMBAT project will create jobs and make communities more resilient, reduce poverty and protect rural communities from negative social and economic changes.”
SAAMBAT will improve roads, road safety and resilience to natural hazards, as well as other key rural infrastructure, such as local markets, vital to Cambodia, where two-thirds of all rural households annually face seasonal food shortages due to underdeveloped infrastructure. The project will also create up to 4,500 jobs and 500 new SMEs, and train 25,000 Cambodians on the use of digital technologies to improve their businesses and increase trade. Special emphasize will be on creating business and employment opportunities of the rural youth.
Original source: EIB
Published on 03 February 2020
