The US Embassy in Phnom Penh, on Tuesday, issued a press release stating that the US Agency for International Development (USAID) in Cambodia would soon provide $15 million funding to Cambodian farmers doing agribusiness in the four provinces around Tonle Sap Lake - Siem Reap, Battambang, Kampong Thom, and Pursat.
For this funding, USAID in Cambodia would cooperate with AMK Microfinance Institution Plc, LOLC (Cambodia) Plc, and RMA Financial Services (Cambodia) Plc to finance agriculture development in the four provinces.
"The launch of this partnership reflects the United States’ commitment to increasing access to finance in Cambodia; a critical part of improving production and promoting agriculture-led economic growth," read the press release.
The Embassy added that since 2011, USAID has supported a variety of programs to help small farmers and poor families living around Tonle Sap Lake. Today, this $15 million funding would help to boost investment in agribusiness in order to drive economic growth, job creation, and sales of agricultural products.
“We are proud to encourage private sector lending in Cambodia’s agriculture sector upon which 70 percent of the population depends,” said USAID Cambodia Mission Director Polly Dunford. “We are confident that increasing access to credit in the agriculture sector will support Cambodia’s tremendous economic growth and will have positive impact on all Cambodians – whether in rural and urban areas.”
Mr. William A. Heidt, US Ambassador to Cambodia, in his speech during the launching ceremony of the CE SAIN Scholarship and Research Grant at the Royal University of Agriculture in Phnom Penh on Wednesday, said that over 70 percent of Cambodians are farmers making their living from agriculture.
As a result, agriculture would remain the backbone of the Cambodian economy for many years to come. So, agriculture plays a very important role to reduce poverty in the country.
However, Ambassador Heidt added that Cambodian agriculture does not fulfil the need of the Cambodian people, and Cambodia still imports 70 percent of fruits and vegetables from neighboring country. So the development of the horticulture sector could lead to the agricultural diversification.
"Of course, farming is not just planting vegetables and rice. And it’s not just research projects either. It is also a business, one that is becoming more tightly connected to international markets and more dependent on international market forces. In these respects, agriculture is not much different than the manufacturing, tourism, or technology sectors," said Ambassador Heidt.
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