January 27, 2023

Korea to Provide Nearly US$2 Billion Loans to Support Cambodia’s Development

The Government of the Republic of Korea will provide more development loans to the Government of the Kingdom of Cambodia, the Cambodian Ministry of Foreign Affairs and International Cooperation (MFAIC) said in a press release made public this morning.
Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, will preside over the signing ceremony of the loan agreements to be held tomorrow at the Peace Palace in Phnom Penh, it pointed out.
According the source, the first 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 – will be signed by H.E. PRAK Sokhonn, Deputy Prime Minister, Minister of MFAIC, 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, will sign 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,” stressed the press release.

Source: Agency Kampuchea Press