South Korea Loaned Almost US$2bn to Cambodia, US$1.6bn Signed

• 10 March 2023
• Local News
• 1649 Views

South Korea has loaned Cambodia almost US$2 billion in concessional loans since 2001, according to discussions between Cambodian Deputy Prime Minister Aun Porn Moniroth and Kim Kyung Hee, Director General of the Ministry of Economy and Finance of South Korea, held on 9 March 2023. 

The loans have been used to support development projects in key priority areas, including transportation, education, health, energy, irrigation, and water and wastewater treatment systems. To date, 32 concessional loan agreements between the Cambodian Ministry of Economy and Finance and the Cooperative Funds for Economic Development (EDCF) have been signed, totaling around US$1.6 billion. 

In December 2022, a Framework Agreement was signed for the Korea Economic Development Cooperation Fund to provide Cambodia with loans amounting to around US$1.5 billion over the period 2022-2026.  

Moreover, South Korea provided a loan of more than US$249 million for the construction of the Cambodia-Republic of Korea Friendship Bridge. (Read more)

The loans from South Korea will play a significant role in Cambodia’s development, and the country is grateful for its continued support and partnership with South Korea. 

• Investment and Funding