With the deadline of the European Union’s (EU) Everything But Arms (EBA) preferential trade scheme withdrawal approaching in August, the EU recently pledged to support Cambodia’s economic recovery and job creation hit by the COVID-19 pandemic. The EU’s Team Europe is mobilising $483 million in grants and loans for Cambodia in tackling the pandemic’s socio-economic impact.
The support focuses on supporting three essential priorities: health, livelihoods and employment, and economic recovery. Team Europe is the combined effort of the European Union, its Member States and their financial institutions and implementing agencies.
“Team Europe stands together with Cambodia in these challenging times. We have to work together to ensure a sustainable and strong economic recovery and to help mitigate the impact of this pandemic on human lives, jobs and livelihoods,” EU ambassador to Cambodia Carmen Moreno was quoted as saying in an EU press release.