In October, the E.U. told Cambodia it had 12 months to reverse its crackdown on critics, civil society and the media or risk being suspended from the Everything But Arms (EBA) scheme, which allows Cambodian products duty-free access to E.U. markets.
The move also comes amid rising anti-Chinese sentiment in Cambodia following a spike in Chinese immigration.
After two years at university, Thul Rithy decided to quit, opting to teach himself English and explore the country by bicycle to gain inspiration.
The five-year project will be run in three major cities: Phnom Penh, Siem Reap and Battambang.
The World Bank has warned that Cambodia’s economy will face increased risks if the EU presses ahead with Cambodia’s expulsion from the scheme.
Cambodia and Turkey agreed to increase bilateral trade to $1 billion.
EU trade sanctions would cripple the economy if Hun Sen refuses democratic demands.
According to the National Bank of Cambodia, the country has more than 70 microfinance institutions and 170 rural credit operators.
Conor Savoy, director of policy and advocacy at the Washington-based Global Innovation Fund, tells VOA Khmer that focusing the development finance on Asia’s private sector is a comparative advantage that the US has over China in the region. VOA Khmer’s Chetra Chap reports.
The IMF did not provide a breakdown of the exact share of the country’s overall credit balance held by the real estate and construction sectors.
The $60-billion overseas investment agency could counterbalance surging Chinese investment and loans across Asia, though China will likely continue to dominate large infrastructure finance.
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