Phnom Penh: The President of Cambodia Senate receives the senior country representative of the International Finance Corporation (IFC) to discuss Cambodia’s growth aspirations, highlighting green transition. Samdech Akka Moha Sena Padei Techo Hun Sen met with newly appointed IFC Resident Representative to Cambodia Ms. Towfiqua Hoque on Nov. 19 here at the Senate Palace.

According to Agence Kampuchea Presse, Cambodia is confident for its graduation from the least developed country (LDC) status in 2029, while being very cautious about its long-term growth aspirations to become an upper middle-income country by 2030 and a high-income one by 2050. Support strategic mechanisms and reforms have been in place to maximise Cambodia’s potential to achieve the targeted ambitions and prevent the country from falling into the middle-income trap like some countries, he added.

The Senate President continued that Cambodia is no exception to the impacts from global issues, including the pandemic as well as the tensions and
conflicts among countries, and the factors have been vigilantly monitored for risk mitigation. Samdech Techo Hun Sen shared his pride with his guess that Cambodia has been operating on more than 60 percent of green energy through the use of renewable energy such as solar and wind.

The country is also working hard to increase forest cover in the country as well as promote agricultural crops, which are the foundation for sustainable growth. Ms. Towfiqua Hoque commended Cambodia’s rapid development and firm growth aspirations and reaffirmed that IFC will continue to support the country to achieve the goals.

She also pledged to work with the Royal Government of Cambodia and other stakeholders to support human and skills development to increase Cambodia’s productivity and competitiveness, as well as agriculture and manufacturing in the country. With its presence in Cambodia for over 20 years, IFC has by far invested about US$1.5 billion to support the country’s development priorities.