This report records the findings of a mission to Cambodia sponsored by the UNDP and UNICEF. The objective of the mission was to assess the present state of education in Cambodia and to make recommendations for how new investment might be used effectively to promote continued reform through institutional innovation. The mission was convened against the backdrop of ongoing negotiations between the U.S. and Cambodia over several PL-480 “humanitarian” loans made to the government of Lon Nol (1970-1975). There is bipartisan interest in the U.S. Congress in allocating these payments to support Cambodia’s continued development. It has been suggested that if and when Cambodia agrees to a repayment scheme, the United States government might use these repayments to endow a special vehicle to support education in Cambodia.