Over 20 Years South Korea Provides Over USD 2 Billion in Loans Boosting Cambodia’s Infrastructure Development

• 11 December 2024
• Local News
• 594 Views

South Korea has provided over USD 2 billion in loans to Cambodia over the past two decades, significantly advancing key sectors such as transportation, healthcare, irrigation, and water supply. The funding, channeled through the Economic Development Cooperation Fund (EDCF), has played a pivotal role in Cambodia’s economic growth and infrastructure modernization. This milestone underscores South Korea’s long-term commitment to fostering sustainable development in the kingdom.

The announcement was made during the ground-breaking ceremony of the University of Health Sciences Hospital on 10 December 2024, where Korean Ambassador to Cambodia, HE Park Jung-Wook, highlighted the profound impact of these loans.

“The Economic Cooperation Fund’s loans to Cambodia have played a vital role in the country’s progress,” he stated, emphasizing the partnership’s contributions to improving Cambodia’s essential services.

Reaffirming South Korea’s ongoing support, Ambassador Park also pointed to a recent landmark agreement in May 2024 between the leaders of both nations. This agreement elevated diplomatic relations to a strategic partnership and increased concessional funding from the EDCF to USD 3 billion, paving the way for future infrastructure and social development projects.

The South Korea-Cambodia collaboration has resulted in major advancements across multiple sectors. Projects funded under the initiative include modern road construction, hospital facilities, and irrigation networks, directly improving livelihoods and boosting economic opportunities nationwide.

• Investment and Funding
• Road and Infrastructure