PHNOM PENH, Nov. 24 (Xinhua) -- The Asian Development Bank (ADB) has approved a policy-based loan of 50 million U.S. dollars to strengthen Cambodia's financial sector and digital infrastructure, the bank said on Monday.

Through a dedicated program, the investment will support both banking and nonbanking institutions, as well as digital finance infrastructure and sustainable finance capabilities, according to an ADB press release.

"Through this investment, ADB supports the country in boosting its financial sector, laying the foundation for resilient growth, expanding financial inclusion, and unlocking private sector potential," said Anthony Gill, ADB acting country director for Cambodia.

While Cambodia's financial sector has achieved notable progress, further development is required to fully unlock its potential, the release noted.

The approved first phase of the investment program focuses on boosting the regulatory environment, financial stability, market depth, and consumer protection, as well as developing strategic plans for financial technology, regulatory frameworks for digital assets and cryptocurrencies, and peer-to-peer financing, the press release said. ■