World Bank Approves Additional 35 Mln USD Credit To Cambodia For Improving Climate-resilient Roads

The World Bank has approved an additional 35 million U.S. dollars credit to Cambodia for improving climate-resilient rural roads in three provinces, its press release said on Saturday

PHNOM PENH, (APP - UrduPoint / Pakistan Point News - 16th Mar, 2024) The World Bank has approved an additional 35 million U.S. dollars credit to Cambodia for improving climate-resilient rural roads in three provinces, its press release said on Saturday.

The credit will support the Cambodia Road Connectivity Improvement Project (RCIP), which aims to improve climate-resilient road access to markets, health services, and schools across Kratie, Kampong Cham, and Tboung Khmum provinces.

The three provinces have a population of over 2 million people, of whom 80 percent live in rural areas, the press release said, adding that the RCIP was approved in July 2020, with financing of 100 million U.

S. dollars.

This additional credit will help pay for higher than anticipated project costs, mainly for road works contracts, it said, adding that high inflation and price increases of key inputs, including fuel and bitumen, over the past three years have resulted in higher costs than estimated in 2019 before the approval of the original project.

Currently, road rehabilitation works have been underway across 130 km of targeted national and provincial roads, and 142 out of 270 km of targeted rural roads, the press release said.