January 28, 2023

Almost US$2 Billion Cambodia-Korea Loan Agreements Signed

The Government of the Kingdom of Cambodia and the Government of the Republic of Korea have reached loan agreements worth nearly US$2,000 million.
The signing ceremony was held at the Peace Palace in Phnom Penh this morning under the presidency of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia.
The first loan document – the Framework Arrangement between the Government of the Kingdom of Cambodia and the Government of the Republic of Korea concerning Loans from the Economic Development Cooperation Fund (EDCF) up to US$1,500 million for the years 2022 through 2026 – was inked between H.E. PRAK Sokhonn, Deputy Prime Minister, Minister of Foreign Affairs and International Cooperation, and H.E. PARK Heung-kyeong, Ambassador of the Republic of Korea to Cambodia.
Moreover, H.E. Dr. AUN Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Ms. Minnie CHEY, Country Director of EDCF for Cambodia, signed Loan Agreements for two projects: the US$70 million Grid Reinforcement Project in Sihanoukville and the US$245.9 million Cambodia-Korea Friendship Bridge Project.
“The above loans extended by the Government of the Republic of Korea will crucially contribute to the Royal Government of Cambodia’s endeavours to stimulate economic development of the Kingdom, and further strengthen the existing good relations between the two nations,” said the Cambodian Ministry of Foreign Affairs and International Cooperation (MFAIC) in a press release yesterday.

Source: Agency Kampuchea Press