France fronts $359 million

The French Agency for Development (AFD) has pledged $359 million in grants and loans to Cambodia over the next three years, state news agency AKP reported Friday.

Announced during a meeting last week between Cambodian Finance Minister Aun Porn Moniroth and AFD Asia director Gregory Clemente, the sum includes $14 million worth of grants, $160 million in concessional loans and $180 million in interest-free loans.

According to AKP, the international development assistance will be put towards agricultural development, infrastructure and vocational training.

Cambodia only became eligible for sovereign loans from AFD in 2012, when the IMF upgraded the Kingdom’s debt ranking.

From 1993 to 2013, AFD disbursed more than $369 million in project funding to Cambodia, according to its website.