Informal Translation
Welcome Remarks By Deputy Prime Minister KEAT CHHON Minister of Economy and Finance At the “20th Anniversary Celebration of the Cambodia-Asian Development Bank Partnership’’ Peace Palace, Phnom Penh, 21st November 2012 ------
1. First of all, we would like to extend our highest congratulation for a historical great success of 21st ASEAN Summit and related Summits hosted by the Kingdom of Cambodia, presided over by Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia held from 16 to 20 November 2012 in Phnom Penh, Kingdom of Cambodia.
2- On behalf of the Ministry of Economy and Finance and myself, I am very pleased and honored to convey collective respect and deep gratitude to Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia for kindly allowing the Ministry of Economy and Finance to organize the “20th Anniversary Celebration of the Cambodia-Asian Development Bank Partnership’’ in collaboration with the Asian Development Bank (ADB) at the formidable Peace Building. On this auspicious occasion, we all welcome this historic event and extend our most respected welcome to the high presence of Samdech Techo Prime Minister. We offer our profound thanks to him for taking time out
Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 1 of his tight schedule to preside over the ceremony of this 20th Anniversary. We are most grateful for His high presence today.
3- I would also like to extend my warmest welcome to H.E. Haruhiko Kuroda, President of the Asian Development Bank. His presence in this event clearly demonstrates the strong and steadfast relation that the ADB and he has with the Kingdom of Cambodia, and represents an efficient step in further strengthening the partnership between ADB and the Royal Government of Cambodia.
4- I also sincerely thank all Government colleagues, Excellency Ambassadors, development partners, civil society, and private sectors representatives for being here today, which makes this historic event to be more pleasant and meaningful atmosphere.
5- On this very special occasion, allow me to brief Samdech Prime Minister and all of you on the history of the 20 year engagement with the ADB and the notable achievements of the close collaboration between the Royal Government of Cambodia and ADB:
6- The Kingdom of Cambodia became a founding member of the ADB in 1966, in which the ADB was established. At its establishment, ADB encompassed only 31 members, and there are now 67 members. Since Cambodia became a member, it has fulfilled all obligations as stated in the Charter of this multilateral financial institution. In accordance with terms and conditions as well as provisions of the ADB Charter, Cambodia is entitled to subscribe to 300 shares out of the total capital stock of 100,000 shares. This subscription allows Cambodia to maintain its relative voting capacity in the Bank and access the Bank’s financial technical and other resources through the highly concessional Asian Development Fund (ADF) resources. By 1972, Cambodia had subscribed to 875 shares. At that time, pursuant to its membership with the Bank, the Royal Government of Cambodia deposited its capital subscription payments annually in cash and Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 2 promissory notes to ADB through accounts opened with the National Bank of Cambodia.
7- Unfortunately, on April 17 1975, the Khmer Rouge regime came to power which led to the complete destruction of the social and economic structures, including the banking system. From 1975 to 1991 the account for depositing Cambodia’s capital subscription payments was eliminated and Cambodian membership was suspended. After the civil war ended, ADB has resumed full operations in Cambodia since 1992 and the Cambodia Resident Mission (CARM) was opened in 1996 and it has been in full operations since 1997.
8- To date, Cambodia’s shares has increased to 5,250 with a value of about USD 80 million out of the ADB’s share capital stock of USD 162 486 million comprising of 10 583 580 shares.
9- In the area of 20-year development cooperation with Cambodia, from 1992 to 2012, we have noticed that ADB was one of the first development partners to send missions to assess Cambodia’s needs in 1991, even before elections had been held and when it was still challenging to travel in Cambodia. ADB has the distinction of being the leading multilateral development partner and making significant contribution to the socio economic development of our Nation in any contexts. To date, the Bank’s cumulative amount of concessional loans, grants and technical assistance provided to Cambodia has almost reached USD 2 billion. The ADB financial assistance has been utilized for public investments in several priority sectors, including infrastructure (road, bridge, irrigation, port, railway, and airport), agriculture and natural resources, education and vocational training, energy, finance, health and social care, industry and commerce, information technology, and other deep reform programs of the Royal Government of Cambodia’s key sectors.
Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 3 10- Under the cooperation framework for 2013-2015, ADB has committed to provide about USD 673 million for projects and programs in Cambodia. Out of this amount, ADB will finance USD 654 million as concessional loans and USD 19 million as technical assistance. The ADB financial assistance has been utilized for public investments in several priority sectors, including infrastructure (road, bridge, and irrigation), agriculture and natural resources, education and vocational training, energy, finance, clean water supply and sanitation, industry and commerce, and public management. This shows the solid and continued commitment to a strong and enduring partnership between ADB and Cambodia. I would like to take this opportunity to acknowledge the very valuable contribution that the ADB’s financing assistance has made to the Cambodia’s sustainable economic growth and poverty reduction over the two decade of engagement.
11- In the area of regional development cooperation, ADB has initiate, implemented and supported several cooperation programs, most notably the Greater Mekong Subregion Economic Cooperation Program which Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of the Kingdom of Cambodia had pushed to shape this program, then organised and chaired the First GMS Summit in Phnom Penh, 2002. In the First GMS Summit, ADB has supported the implementation of Phnom Penh Plan (PPP) for Development Management and other projects. Under the support from ADB, Vientiane Plan of Action for GMS Development (2008- 2012) has provided capacity building, transfer of knowledge and experience, and concessional financing and technical assistance for developing hard and soft infrastructures. In late 2011, ADB adopted the new GMS Strategic Framework 2012-2020, a significant foundation for ensuring development, integration and harmonization of GMS countries in the context of current globalization.
12- In this regard, I must point out that the ADB has played the pioneering role in the establishment of the GMS Cooperation which is now bearing fruits and benefits not only to every Mekong member countries but also to Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 4 the stakeholders who would benefit from the development of Mekong region.
13- Overall, ADB as well as important development partners have played pivotal roles in making a significant contribution to Cambodia’s development to ensure Cambodia’s long-term sustainable economy and poverty reduction. We must commend the ADB for these significant achievements.
14- I would like to extend my appreciation to ADB for its notable achievements. Moreover, ADB has also shown its commitment to supporting the Initiative for ASEAN Integration – IAI, the implementation of the Master Plan on ASEAN Connectivity – MPAC, and the realization of ASEAN Economic Community 2015. It has established the ASEAN Infrastructure Fund – AIF, which will provide funds for investment in the infrastructures for ASEAN Connectivity which is key concrete measure to bridge the development gap and to ensure the success of ASEAN integration. With this complement, I have a pleasure to inform that, shortly, Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of Kingdom of Cambodia will present Medal Sahametrei Grade Mohasereivath (Grand Cross) to H.E. Haruhiko Kuroda in response to his contributions for the partnership between the Kingdom of Cambodia and the ADB.
15- According to the above mentioned operational outcomes of Cambodia- ADB cooperation, I could not forget two ADB dignitaries with whom I used to closely work for the sake of Cambodia development. These two dignitaries are H.E. Mitsuo Sato and H.E. Tadao Chino who already passed away. I would like to take this opportunity to recall a gratitude to H.E. Mitsuo Sato and H.E. Tadao Chino. In response to their contributions, Samdech Preah Boromneath NORODOM SIHAMONI, King of the Kingdom of Cambodia granted posthumously Medal Sahametrei Grade Mohasereivath (Grand Cross) to H.E. Mitsuo Sato and H.E. Tadao Chino. Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 5 16- The main purpose of the “20th Anniversary Celebration of the Cambodia-Asian Development Bank Partnership’’ should not only remind us of the joint achievements we have made in the past from our cooperation, but more importantly take this time to transform this historic event building on our cooperation and long-standing friendship into an opportunity between the Royal Government of Cambodia and ADB to jointly make progress towards eliminating poverty through inclusive, green and knowledge-led growth, and to address the huge challenges we face now and in the future.
17- As Excellencies, Ladies and Gentlemen are aware that the history and the impressive achievements that Cambodia has achieved in the past two decades are the result of the brilliant, realistic, competent and visionary leadership, and the introduction of effective measures and proper strategies of Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of Kingdom of Cambodia.
18- Once again, on behalf of the Ministry of Economy and Finance, and myself, I would like to express my profound gratitude to Samdech Techo Prime Minister for his support in making this historic event possible. I also thank Colleagues from the Royal Government of Cambodia, government officials, and the ADB’s staff for their close collaboration and excellent arrangements made for this ceremony.
19- In the end, I would like to wish Samdech Techo Prime Minister good health, strength, intelligence and success in all endeavors, in order to further lead us and Cambodia’s vessel forward to harmony, prosperity and sustainable multi-faceted development. I also wish H.E. Haruhiko Kuroda, Colleagues, Excellencies, ladies and gentlemen, distinguished national and international Guests four gems of Buddhist blessings: Longevity, Nobility, Healthiness and Strength.
Speech by DPM Keat Chhon at the Twentieth Anniversary Celebration of RGC-ADB Partnership, 21/11/2012 6