Cambodia and South Korea Sign Loan Agreement
Cambodian Deputy Prime Minister H.E. Keat Chhon, Minister of Economy and Finance and Mr. Sang-Wan Byun, Executive Director of Import-Export Bank of the Republic of Korea, sign in Phnom Penh on Nov. 14 the 12th loan agreement with an amount of over 52.5 million US dollars for the improvement of Cambodia’s National Road No. 21 Project. Photo: Hun Yuth Kun
AKP Phnom Penh, November 15, 2011 –Cambodia and the Export-Import Bank of the Republic of Korea have signed a loan agreement for the improvement project of Cambodia’s National Road No. 21.
The agreement was signed here on Nov. 14 by Cambodian Deputy Prime Minister and Minister of Economy and Finance H.E. Keat Chhon and Mr. Sang-wan Byun, executive director of Export-Import Bank of S.Korea.
Under the just signed agreement, S. Korea will provide US$52.54 million in loan with an interest of 0.01 percent per year and to be paid over the next forty years.
This is the 12th loans provided by S. Korea to Cambodia, bringing the total S. Korea’s concessionary loans to Cambodia to US$341.4 million.
The loan will be used for the renovation of the 63.5-kilometer-long National Road No. 21, which connect Takhmao town of Kandal province to Chrey Thom (Cambodia-Vietnam border).
S. Korean Ambassador to Cambodia H.E. Chang Ho-jin and high-ranking officials from the Council of Ministers, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Public Works and Transport and the Council for the Development Cambodia were also present at the signing ceremony.
By LIM Nary
3 comments:
I dont get it, Hun Sen has been in power for over 30 years, yet hes still trying to get loans for road work.. 30 FUCKING years...how long does it take a nation to complete all major roadwork?
yet money, a lot of money, we understand why everyone wants to do
politics and want to be the Prime Minister.
Have you been to Cambodia? None of the road is done; it was left the way it was after KR. Yes, they build couple bridge here and there if the foreigner pay for the bribe to build the bridge otherwise no bridge can be built in cambodia without tea money. keep borrow everybody and later on sell cambodia into pieces. better yet, now you land concession law, loan them 99 year or 70 years to do whatever they want such as searching for khmer gold, khmer oil, destroy khmer jungle, kick poor people out. braavoo... the government that love khmer...
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