Team Europe is mobilizing 443 million euros (about 502 million U.S. dollars) in grants and loans to help Cambodia fight against coronavirus or COVID-19, and mitigate its socio-economic effects, said its press statement on Thursday.

Team Europe is the combined effort of the European Union, its member states and their financial institutions and implementing agencies to help mitigate the spread of the virus and to reduce spillover effects on economic and social stability in partner countries, the statement said.

Together, they provide significant financial and technical support to help Cambodia address immediate needs, protect the most vulnerable, mitigate the socio-economic impact of the coronavirus crisis and prepare for recovery, it said.

European Union Ambassador to Cambodia Carmen Moreno said the coronavirus pandemic demands cooperation and solidarity, and that Team Europe stands together with Cambodia in these challenging times.

"We have to work together to ensure a sustainable and strong economic recovery, and to help mitigate the impact of this pandemic on human lives, jobs and livelihoods," she said in the statement.

According to the statement, Team Europe said it strongly supports the World Health Organization and contributes to finance its programs in Cambodia.

The Southeast Asian country has so far confirmed a total of 126 cases of COVID-19, with 125 patients cured and one remained hospitalized, according to the Ministry of Health.