S. Korea provides USD 56 million loan for road projects

 

Lee Duk Hoon (L), president of the Export-Import Bank of the Republic of Korea, shakes hands with Cambodian Economy and Finance Minister Aun Porn Moniroth (R) in Phnom Penh, Cambodia, Feb. 12, 2015. South Korea on Thursday signed to provide 56 million U.S. dollars to Cambodia for the development of a 63-km long road, according to a statement released by the Cambodian side. Photo/Xinhua

PHNOM PENH (The Cambodia Herald) -- South Korea has granted Cambodia USD 56.1 million loan for restoration of National Road number two from Kandal's Takmao town to Daun Keo town, and National Road number 22 from Ou Chambork to Ang Tasourm. 

The loan agreement was signed Thursday between Aun Porn Moniroth, Minister of Economy and Finance, and Lee Duk-hoon, Chairman of the Export-Import Bank of Korea. 

The loan provided in accordance with government policy that use loans from development partners to invest in priority sectors in Cambodia, said Moniroth, expressing hope that South Korea would continue to provide its loans to respond to the need for the Cambodia’s economic and social development. 

South Korea is Cambodia's second biggest investment partner, investing about $2 billion last year. 

"South Korea would continue strengthening its economic cooperation with Cambodia on other sectors such as rural development, infrastructure, transport as well as electricity development," Mr. Lee Duk-hoon said.