World Bank Approves $20 Million Aid for Poor

The World Bank has approved provision of $20 million to help poor and vulnerable families in Siem Reap and Phnom Penh increase their income, build skills and construct small-scale community infrastructure. 
The bank's board of executive directors approved the funding for the Livelihood Enhancement and Association of the Poor Project on Friday. 
The project aims to improve access for poor and vulnerable households in selected communities to financial services, and provide opportunities for generating income and creating small-scale infrastructure. 
Another objective is to provide an immediate and effective response in case of a crisis or emergency, the bank says. 
"In Siem Reap, the project will support poor and vulnerable families in 47 communes by building their capacity through self-help groups and producer groups and providing them with basic training on financial literacy, business planning, accounting and record keeping," the bank said. 
"In Phnom Penh, the project will support poor and vulnerable families in 13 communes. 
"The target communes will be eligible for financing support for small-scale community infrastructure, and poor families in these communes will receive skills development training and employment support services." Ulrich Zachau, bank country director for Southeast Asia said, "Cambodia has been a leader in Southeast Asia in reducing poverty. 
"This project will help reduce poverty in Cambodia further, directly improving the lives of the poor and vulnerable in Siem Reap and Phnom Penh. 
"The World Bank is honored to support the people of Cambodia through this project," he added. 
The project will also support unemployed youth and women in building skills marketable in labor markets. Poor families will receive seed grants to run their small business plan. 

Source: QNA