PHNOM PENH: On December 9, 2022, the Royal Government of Cambodia and the Government of the Republic of Korea will sign a contract for the construction of the Old Market-Chroy Changvar-Areyaksat Friendship Bridge, which will cost US$245,909,000 at the Peace Palace.
Samdech Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, presided over the ceremony, according to a press release issued by the Ministry of Foreign Affairs and International Cooperation on December 8, 2022.
The Coordinating Framework for the Concessional Loan of the Economic Development Cooperation Fund for 2022–2026 is signed by Mr. PARK Heung-kyeong, Ambassador of the Republic of Korea to Cambodia, and Mr. Prak Sokhon, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Cambodia with an amount of US $ 1,500 million.
At the same time, Mr. Aun Porn Moniroth, Deputy Prime Minister, Minister of Economy and Finance, and Ms. Minnie CHEY, Director of the Economic Development Cooperation Fund of the Export-Import Bank of Cambodia in Cambodia, will sign concessional loan agreements for two joint projects.
The two initiatives are the $ 70 million Sihanoukville Power Transmission Capacity Building Project and the US $ 245 million Cambodia-Republic of Korea Friendship Bridge Project (Old Market-Chroy Changvar; Chroy Changvar-Arey Ksat).
The Royal Government of Cambodia will now significantly benefit from the concessional loans provided by the Government of the Republic of Korea in its efforts to hasten economic growth and further solidify the already positive relations between the two countries.