November 16, 2011

Cambodia and South Korea Sign Loan Agreement


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.

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