Phnom Penh: The Ministry of Water Resources and Meteorology and the Agricultural and Rural Development Bank (ARDB) have signed a memorandum of understanding to facilitate private sector involvement in developing irrigation systems across Cambodia. The signing ceremony was presided over by the Minister, H.E. Thor Chetha, at the ministry.
According to Agence Kampuchea Presse, the agreement will enable ARDB to offer loans with more favorable interest rates to private companies that demonstrate innovation in irrigation development. This initiative aims to bolster the agricultural sector, agro-industry, and rural economy in Cambodia.
The Minister highlighted that Cambodia currently possesses 2,352 irrigation systems of varying scales, along with eight major reservoirs. These infrastructures collectively enhance the irrigation capacity to almost two million hectares. The newly signed agreement is anticipated to further expand and modernize the irrigation systems, ensuring water security for agriculture and household use, while also promoting food protection.
The initiative aligns with the country's national policies and strategies, supporting the government's ambitions to increase exports of rice and other agricultural products.