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Cambodia passes $2.8b public investment plan

(Xinhua)
Updated: 2009-06-01 11:41

PHNOM PENH -- Cambodia's Council of Ministers approved a three-year plan drafted by the Ministry of Planning to spend US$2.8 billion on public investment from 2010 to the end of 2012, national media reported on Monday.

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The plan related to 536 projects, 389 of which are direct investment with the remainder technical assistance projects, the Cambodia Daily quoted the council as saying.

Minister of Planning Chhay Than said earlier that the majority of the budget would be spent on infrastructure and irrigation systems to boost agricultural production.

The list of planned projects also includes the construction of major roadways, hospitals and schools, Than said.

The new three-year plan is part of the broader national development planning strategy 2006 to 2010, which was approved by the National Assembly in May 2006.

The entire state budget approved for 2009 totals approximately US$1.9 billion, meaning that each year the proposed infrastructure projects would consume the equivalent of about half of the current national budget.