Over US$5 Billion in Infrastructure Loans Granted to Cambodia

• 30 May 2019
• Local News
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Cambodia has received more than US$5 billion in loans for infrastructure development projects from the China Development Bank​ (CDB) as part the work to support national economic development, the bank said on 30 May 2019.

Speaking at a seminar on ‘Development Finance: Supporting Cambodian Economic and Social Development’ held at Koh Pich City Hall, Mr Liu Jin, Dean of the Development Finance Institute and Director-General of Education and Training of the China Development Bank, said that since 2007, the bank has provided loans to Cambodia totaling US$5.3 billion.

The loans have been provided to support the development of major infrastructure projects such as the Lower Sesan Hydropower II, Phnom Penh-Sihanouk expressway, and 25 other major infrastructure projects.

Meanwhile, the Chairman of the Board of Directors of Canadia Bank Neak Oknha Pung Kheav Se also said that CDB is currently financing the government as well as private companies on a number of infrastructure projects such as bridges, roads, electricity as well as the airport as part of the China ‘Belt and Road Initiative’.

H.E Hem Vandy, Under Secretary of State of the Ministry of Economy and Finance, said that foreign loans were important in contributing to the development of the country, but the government was also cautious.

“We have adhered to financial discipline rules and have a clear public debt management approach that enables us to manage the debt situation at about 21% of GDP,” he said.

“So, banks such as Canadia Bank and the China Development Bank have an important role to play in contributing to the financial sector as well as other forms of financing,” he added.

The seminar was held for CDB to share its success in terms of financing and settlement of both domestic and international trade.

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