The Asian Development Bank (ADB) has approved a $70 million loan to benefit about 230 agricultural cooperatives and 50 agribusinesses in six provinces across Cambodia.

“Agriculture can contribute to Cambodia’s economic growth and diversification if local small and medium-sized agribusinesses can improve their ability to process high-value agricultural products and market them domestically and overseas,” said ADB Principal Natural Resources and Agriculture Economist Takeshi Ueda, adding private investment in farming will help Cambodian agribusinesses unleash its growth potential.

With over three-quarters of Cambodia’s population living in rural areas, the Agricultural Value Chain Competitiveness and Safety Enhancement Project aims to facilitate access to credit for agriculture and agribusinesses.