The US provides $ 25 million to Cambodia to support the private sector in agriculture
The United States Agency for International Development (USAID) has provided $ 25 million to Cambodia for the Cambodia Harvest III project to promote inclusive and sustainable economic growth through increased diversification and competitiveness in the agricultural sector. The Cambodia Harvest III project was launched by US Ambassador in Cambodia Mr. W. Patrick Murphy and his excellency Mr. Veng Sakhon the Minister of Agriculture, Forestry and Fisheries has announced use from April 2022 to March 2027. This project is funded by the US Food Security for the Future (Feed the Future) initiative and administered by the United States Agency for International Development (USAID).
The United States has provided nearly 100 million dollars over the last decade in a bid to boost nutrition and increase household incomes by strengthening Cambodia's agricultural sector. This is according to USAID reported on August 9, 2022.
Photo by Usaid
Mr. W. Patrick Murphy informed that during the world is facing the food crisis, Cambodia needs to strengthen its food security. Therefore, the Cambodia Harvest III project demonstrates the US government's commitment to helping Cambodia achieve this goal. Cambodia Harvest III will continue to develop and promote sustainable economic opportunities and smart agricultural technologies. This project will improve the lives of Cambodians, especially women, youth, and vulnerable people through collaboration with the private sector in the agricultural market. Mr. Veng Sakhon, Minister of Agriculture, Forestry and Fisheries, said that this project will help Cambodia's economic growth, especially to promote the agricultural sector to be more modern, more efficient, and more effective, as well as increase the capacity of the private sector in production to ensure quality and safety. And boost exports.
The Minister of Agriculture, Forestry, and Fisheries confirmed that the assistance will increase investment to strengthen productivity, and process, expand the marketing system and increase farm management capacity. And especially it will strengthen the sanitation control system by promoting the use of appropriate and innovative technologies.
The project was announced by US Secretary of State Mr. Antony Blinken during a visit to Cambodia on August 4. He said strengthening global food security and addressing the roots of hunger, malnutrition, and poverty were very important things.
He added that We believe in this project, we believe in our partners and we want to do a lot of good things together, The Cambodia Harvest III will work with stakeholders in the agricultural sector, technology suppliers, financial institutions, and others to develop a skilled workforce, create jobs and seize market opportunities in the agricultural sector.
The USAID agency expects the project to raise $ 153 million from the private sector in agriculture over the next five years, boosting private sector investment to $ 38 million and creating jobs. More than 3,000 places. And especially, this project will help farmers and private companies get $ 15 million in agricultural finance and increase sales of agricultural products to $ 100 million.
It should be informed that the Cambodia Harvest II project has just been completed for a period of 5 years which started from 2017-2022, and has helped the private sector to increase investment capital by 28 million USD, creating more than 2,500 jobs and supporting the development of agricultural policy around 17 and support businesses and producers in the horticultural sector, increasing sales by more than $ 75 million.