Cambodia and Korea Sign US$1.6 Billion Concessional Loan Agreements for Development Projects

• Sommana Yan
• 6 April 2023
• Local News
• 1597 Views

Cambodia and Korea signed 32 concessional loan agreements worth a total of US$1.6 billion to finance 29 development projects and programs by 2022. This was announced during a courtesy call between HE Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, and HE Park Jung-Wook, Korean ambassador to Cambodia, on 3 April.

Under the framework of the concessional loan from 2001 to the end of 2022, the Korean side has decided to provide concessional loans of the total amount US$1,800 million. Of this, 32 concessional loan agreements were signed, totaling US$1.6 billion to finance 29 development projects and programs. These funds will be used to support Cambodia’s priority development projects.

Furthermore, the Korean side has pledged to continue lending through a new framework agreement worth US$1.5 billion for 2022 to 2026, which will focus on key priority development projects.

The meeting also discussed the development and construction of the Cambodia-Republic of Korea Friendship Bridge. With the support of the Korean government, the bridge is expected to boost trade and investment between the two countries and facilitate travel for people and goods.

Through these concessional loan agreements, Cambodia will be able to implement important development projects and programs that will benefit the country and its people.

• Projects Development
• Investment and Funding