| Cambodia: World Bank Head urges diversification |
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| Tuesday, 07 August 2007 | |
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During World Bank chief Robert Zoellick's 2 day visit to Cambodia, the new head stressed the need for diversification, and transparency.
Zoellick praised the resilience of the garment industry at the same time he called for greater efforts to expand beyond it. The industry has enjoyed strong growth in recent years, i Zoellick spoke of the need to attack the country's rampant currption, which ranks among the world's worst acording to Transparency International, if Cambodia is to grow and attract foreign investment. Corruption issues have colored the Bank's relation with Cambodia in recent years after a 2003 scandal involving theft of Bank funds earmarked for troop demobilization and as recently as last year an audit of three bank supported projects uncovered millions of missing dollars. In talks with the government, Zoellick promised to work with Cambodia to ensure passage of much delayed anti-corruption laws, urging the Hun Sen regime to go beyond simply passing the legislation but to also make its enactment effective. |