B2B Asia News sat down with Yasmin Siddiqi, newly appointed Country Director for Cambodia at the Asian Development Bank (ADB), to discuss what she hopes to achieve during her appointment, as well as what work the ADB is currently doing in the Kingdom.
B2B Asia News: You were just recently appointed here as the new ADB Country Director for Cambodia. Can you start off by telling us a little bit about your role as Country Director, and what you wish to achieve during your appointment?
Yasmin Siddiqi: “It's truly an honour and a delight to be here in Cambodia as ADB's Country Director. Of course, we have a very long-standing history in the country. In fact, Cambodia was one of our member countries from 1966, so we're steeped in a long-term partnership and relationship. Historically, we've invested about USD 5 billion in terms of development financing and support. So, it's a hugely impactful partnership.
We're very pleased about the deep trusting relationship we have with the government here, and our aim would be to continue to foster that cooperation, really support the government in delivering on its Pentagonal Strategy and, of course, the ultimate goal of the graduation of the country.
"I would see that the role I play as Country Director is very much the continued partnership in terms of delivering the development objectives of ADB and its partnership strategy with Cambodia.”
B2B Asia News: Your previous experience spans across South Asia, Central Asia and Western Asia. How do you think this background will enhance your effectiveness as Country Director for Cambodia?
Yasmin Siddiqi: “Of course, for each country that we cover in ADB, the tailored solutions are very country specific and specific to the context of the development objectives of that country. But, fortunately, having worked in a number of other countries in central and west Asia, a vast region covering 11 countries, and also South Asia, there are, of course, some similar themes, such as the drive for economic diversification and development, and policy reforms to drive private sector engagement, which is ultimately where we see a huge opportunity for Cambodia.”
B2B Asia News: Many are aware of the ADB's presence in Cambodia, but not always of the full scope of work being done. Could you give us an overview of the main priorities under the ADB's Country Partnership Strategy for Cambodia (2024-2028)?
Yasmin Siddiqi: "We had our country partnership strategy launched last year (2024). It's very much in the same direction, similar vision, of the government's Pentagonal Strategy. In terms of the pipeline, looking forward to where we intend to invest, the first is an inclusive and sustainable finance development programme that very much looks at the future of the finance sector, reforms, and the opening up of the finance sector. It's a three-phase USD 50 million investment programme, and it will deepen the financial markets by enhancing regulation and consumer protection. It's also going to be strengthening the domestic bond market and increasing access to financial services.
I would say we're quite balanced across a range of sectors, but a large segment is taken up by water and urban development. The first of its kind for Cambodia, [we have launched] a long-term multi-tranche financing facility with a phased approach and will be covering 14 cities, providing improvements in water supply, drainage, and water resources infrastructure within cities.
“We also have our efforts towards climate change adaptation and building resilience in the country across a range of sectors. This ties up with the national adaptation plan and the country's nationally determined contributions. But, as I mentioned, finance, governance reforms, and the opening up the private sector are some of the really forward looking opportunities, and tied in with that is skills enhancement. The ADB has been working very heavily with the government on looking at technical vocational skills training and strengthening, as well as secondary education, and that's trying to match the skills of the future labour force with the needs from industry and economic development.”
B2B Asia News: The ADB recently announced that the Bank's Board of Directors voted to ratify a landmark amendment of the ADB's founding charter, that will enable a 50 per cent increase in lending to support development member countries. Do you see this resulting in an increase in investment to Cambodia? And if so, what project areas would be of primary importance?
Yasmin Siddiqi: "Under our country partnership strategy, we've already identified some of those key areas. But what I see as an opportunity through this enhanced opportunity and envelope is really to continue to strengthen the support to government for economic diversification, strengthening the regulatory framework, and governance reforms, which I see as being really fundamental for the future opening up of the economy and securing further investments in the country.
“For me, one of the important areas is also looking at women's empowerment and the role of gender, particularly with girls' future education and skills enhancement, to support the continued development trajectory. Lastly, what's really critical as well is building resilience, I think this is really key. Cambodia is one of the countries in the region which is at a high risk of climate impacts. Ensuring that the work that we do in the country is underpinned with climate resilience really provides a great opportunity for sustainable development. So, we look forward to ADB's continued partnership in the country, and our continued efforts towards the people of the country for their sustainable growth and development.”