Cambodia GDP per capita to hit $1,130 in 2014, hopes PM

PHNOM PENH, Aug 18 (Xinhua): Cambodia's gross domestic product (GDP) per capita is expected to reach US$1,130 this year, an estimated increase of 8 per cent from $1,043 last year, Prime Minister Hun Sen said Monday.
The nation's poverty rate had fallen from 53 per cent in 2004 to 19 per cent in 2013, he said during a food security and nutrition conference.
"Cambodia stands at number 5 among developing countries that can achieve the Millennium Development Goal earlier than the United Nations-imposed 2015 target," he said.
The prime minister added that the Southeast Asian nation set its long-term vision to become an upper-middle-income country in 2030 and a high-income country in 2050.
According to the World Bank's classifications, an upper-middle- income nation is defined by the GDP per capita between $4,036 and $12,475, while a high-income country is determined by the GDP per capita of $12,476 or more.
Another report adds: The International Finance Corporation (IFC), a member of the World Bank Group, has sold its 12.25 per cent stake in Acleda bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC) in an undisclosed amount after having supported Acleda for over 15 years, said an IFC news statement on Monday.
IFC has partnered with Acleda bank since 1999 when the bank was undergoing a transformation from a nongovernmental organisation into a microfinance institution, the statement said, adding that as a founding shareholder, IFC has helped the bank grow over the last 15 years into the largest Cambodian bank.
"We highly appreciate our long-term partnership with IFC and its significant support to our growth for more than a decade," said Dr. In Channy, Chief Executive Officer of Acleda bank. "We look forward to continuing our partnership and opportunities for collaboration in the future as our bank grows."