Estatedia

Korea pledged $1.2 billion additional concessional loans for 2022-2026

  • Korea has provided Cambodia with some hundreds of millions of dollars in concessional loans to support Cambodia’s development strategies.
  • South Korea announced the additional concessions through the new Framework Arrangement of about $1.2 billion for 2022 to 2026.
  • Cambodia and South Korea agreed to continue promoting trade and private sector investment in order to attract more Korean investors.

PHNOM PENH: H.E. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, thanked Korea for deciding to provide more concessional loan packages through the new Framework Arrangement of $1.2 billion for the period 2022–2026.

As H.E. Aun Porn Moniroth stated during a working meeting with KOO Yun Cheol, Minister for Policy Coordination of the Government of Korea, on March 29, 2022, “I would like to thank the Government of the Republic of Korea for its commitment to provide a credit package.” Additional concessions through the new Framework Arrangement of about $1.2 billion for 2022 to 2026.

Through the 4th Korea-Cambodia Integrated ODA Policy Dialogue, he hoped that the two sides would discuss and decide on areas and priority projects for the implementation of the new Framework Arrangement-F/A very soon.

At the same time, the Deputy Prime Minister thanked Korea for its support and assistance in the construction of the Cambodia-Korea Friendship Bridge, which will serve as a symbol of Cambodia’s stronger ties with Korea.

Mr. KOO Yun Cheol expressed his appreciation for the Royal Government of Cambodia’s efforts to achieve better results in the fight against the COVID-19 crisis, particularly the prevention of adverse effects on economic activity in the past.

Furthermore, the two sides agreed to continue promoting trade and private sector investment in order to attract more Korean investors.

Since 1996, Korea has provided Cambodia with approximately 431 million US dollars in grant financing. From 2000 to the present, the Korean side has provided concessional loans totaling more than 1,211 million US dollars to Cambodia to finance 26 projects and development programs, all of which are priority projects to provide. Its concessional loans support Cambodia’s development strategies.

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