The World Bank announced Friday that it had approved a trade facilitation and competitiveness project to promote Cambodia's economic growth.

The project, which is financed by a 10 million-US dollar grant from the International Development Association, aims to help Cambodia reduce its transaction costs associated with trade and investment, according to a statement of the bank.

It also aims to introduce transparency in investment process including infrastructure concessions and facilitate access of enterprises to export markets.

Cambodia expressed its welcome to the project. "This project provides a platform for reducing the obstacles our businesses face, " said Commerce Minister Cham Prasidh.

"By reducing the cost of importing and exporting, the project will help our garment industry weather the storm of international competition, and lay a foundation for increased exports from all sectors," he added.

The project builds on last year's investment climate assessment and the resulting 12-point plan of investment climate reforms developed by the government.

"We are very pleased to be providing support to Cambodia's efforts to diversify its economy and stimulate new resources of growth," said Nisha Agrawal, country manager for World Bank in Cambodia.

Source: Xinhua