Prime Minister Hun Sen today will preside over a signing ceremony of a string of economic agreements between senior government officials of the Kingdom of Cambodia and the Republic of Korea in the Peace Palace, said a press release by the foreign affairs ministry. The economic development package is worth about $1.82 billion.
Prak Sokhonn, Deputy Prime Minister, Minister of Foreign Affairs and International Cooperation (MFAIC) will sign the framework agreement between the Royal Government of Cambodia and the Government of the Republic of Korea with the counterpart Park Heung-kyeong, Ambassador of the Republic of Korea to Cambodia, said the release.
The framework agreement concerns the loans from the Economic Development Cooperation Fund (EDCF)—established by the South Korean government in 1987—up to $1.5 billion for the years 2022 through 2026, said the release by the MFAIC issued yesterday, adding that another agreement will be signed by Cambodian finance minister.
Aun Pornmonyroth, Deputy Prime Minister, Minister of Economy and Finance (MEF) will sign loan agreements with Minnie Chey, Country Director of EDCF for Cambodia for two projects—grid reinforcement project in Sihanoukville worth up to $70 million and the Cambodia-Korea Friendship Bridge Project worth $246 million.
“The above loans extended by the Government of the Republic of Korea will crucially contribute to the Royal Government of Cambodia’s endeavours to stimulate economic development of the Kingdom, and further strengthen the existing good relations between the two nations,” the release pointed out.
Heng Kunleang, director-general of energy department of the Ministry of Mines and Energy (MME), told Khmer Times yesterday that the grid reinforcement project in Sihanoukville will be implemented by the state-owned Electricity of Cambodia (EDC), but could not disclose the details of the projects as he has not received the project summary or documents from EDC.
“I am not sure about the project, nor its length, locations and management. So, I need to be updated first and then I will prepare a summary about the project,” said Kunleang, adding that the project will provide more supply of electricity to businesses and households in the growing coastal city of Preah Sihanouk province.
Khuon Sodary, Second Vice President of the National Assembly, said recently that the construction of the new Cambodia-Korea Friendship Bridge across the Mekong River—funded by a grant and a concessional loan from the Government of the Republic of Korea—will begin next year under the grand initiative of Prime Minister Hun Sen.
On February 11, 2020, Prime Minister Hun Sen requested a loan from the South Korean government, amounting to about $40-$50 million. The funds will be used to build three bridges connecting Chroy Changvar to Svay Chrum, to facilitate traffic as well as boost the economy. The Premier has confirmed that the Cambodia-Korea Friendship Bridge will be built connecting the Night Market (Old Market area) in Phnom Penh capital to Arey Ksat area in Kandal province’s Lovea Em district.
The premier said that the bridge construction would be divided into two parts – from Night Market to Chroy Changvar area, and from Chroy Changvar to Arey Ksat area, which will be funded by the government of the Republic of Korea.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
