The approval was made during a weekly Cabinet meeting presided over by Prime Minister Samdech Techo Hun Sen, the spokesman wrote on his Facebook page.
He said 50.1 percent of the program's total investment would be focused on infrastructure projects, 34.2 percent on economy-driven projects, 8.9 percent on social projects, and 6.8 percent on service sector projects.
The program's purpose is to ensure a sustainable economic growth and to further reduce poverty through the investment in agriculture and rural development, Siphan said.
According to the spokesman, Hun Sen said during the meeting that despite the ongoing COVID-19 pandemic, Cambodia's financial position remained good if compared to some countries and the kingdom had not requested its lenders to postpone any loan repayments or international financial obligations.
He said the government has still been able to finance key road and irrigation projects. Moreover, it has provided a cash relief to some 689,973 poor and vulnerable families during the pandemic.