PHNOM PENH, Oct 17 (Reuters) - China will provide $853 million in loans to Cambodia for infrastructure, irrigation and dam projects to boost its economy and reduce poverty, Cambodia's foreign minister said on Saturday.
The agreement was clinched on Friday when Chinese Premier Wen Jiabao met Cambodia's Prime Minister Hun Sen on the sidelines of an economy and trade fair in Sichuan, Hor Namhong told reporters.
"China continues to help Cambodia's infrastructure development, even though China is itself faced with problems from the global economic crisis," he said.
China will provide $593 million for 11 projects proposed by Cambodia's government in 2009, in addition to $260 million for five projects requested last year, Namhong added.
The money will be invested in new roads near the borders of Thailand and Vietnam and the expansion of existing links to the capital of Phnom Penh.
At least $30 million will be invested in expanding the capacity of the Phnom Penh port to meet the increasing demand of cargo ships docked on Tonle Sap River.
Cambodia is keen to develop new dams and irrigation projects to boost its agriculture sector, which contributed 34 percent of gross domestic product last year, followed by the tourism and garment manufacturing sectors.
An estimated 30 percent of Cambodia's 14 million people live beneath the poverty line, earning less than a dollar per day.
China is Cambodia's biggest aid donor, providing $600 million in 2007 and about $260 million in 2008, according to the state-run Council for Development of Cambodia.
It is also Cambodia's biggest foreign direct investor and has pumped $1 billion into the Southeast Asian nation this year.
(Reporting by Ek Madra; Editing by Martin Petty and Ron Popeski)
The agreement was clinched on Friday when Chinese Premier Wen Jiabao met Cambodia's Prime Minister Hun Sen on the sidelines of an economy and trade fair in Sichuan, Hor Namhong told reporters.
"China continues to help Cambodia's infrastructure development, even though China is itself faced with problems from the global economic crisis," he said.
China will provide $593 million for 11 projects proposed by Cambodia's government in 2009, in addition to $260 million for five projects requested last year, Namhong added.
The money will be invested in new roads near the borders of Thailand and Vietnam and the expansion of existing links to the capital of Phnom Penh.
At least $30 million will be invested in expanding the capacity of the Phnom Penh port to meet the increasing demand of cargo ships docked on Tonle Sap River.
Cambodia is keen to develop new dams and irrigation projects to boost its agriculture sector, which contributed 34 percent of gross domestic product last year, followed by the tourism and garment manufacturing sectors.
An estimated 30 percent of Cambodia's 14 million people live beneath the poverty line, earning less than a dollar per day.
China is Cambodia's biggest aid donor, providing $600 million in 2007 and about $260 million in 2008, according to the state-run Council for Development of Cambodia.
It is also Cambodia's biggest foreign direct investor and has pumped $1 billion into the Southeast Asian nation this year.
(Reporting by Ek Madra; Editing by Martin Petty and Ron Popeski)
8 comments:
LOAN?853,000,000 US$? MORE LOAN? OBVIOUSLY THIS WILL BE THE ADDITIONAL SADNESS TO OUR NEXT GENERATION. HUN XEN WILL NOT RESPONSIBLE TO PAY THIS BACK. HE JUST WANT TO TAKE TAKE AND TAKE.
it is the fact of life, isn't. true for any one nation out there. if anyone can do better than suggest so, but political attack is not enough, though! we know your evil intention! this is not the dark ages, you know!
Congratulations to our Samdach Ah Khwak Hun Xen! He must have a very good credit score in order to obtain this loan. Chey Yo CPP......!
11:25 PM,
I agree! the loan which will be plunched into ah kwack's pocket. The younger generatiion will have to suffer for it.
Fool!
How stupid are readers of KI-Media and KI-Media staffs themsevles. These are loans from a large nation like China to a small nation like Cambodia. They are loans only in name because we all know that Cambodia will not paid back these loans. China doesn't even need the money. $1 billion is pocket change for a big country like China. In the future, Cambodian leaders will ask China to cancell all the debts owe to them like many nations around the world are doing to larger nations they owe money to so there's no need to be against any loans Chinese lends to Cambodia. Only stupid people will be against it because they hope to see Cambodia not progess.
Hun Sen you need to stop asking for more loan. It is not your job to be as PM a nd begging to survive your corrupted government. wake up, do every things within Cambodia resources.
After begging like a old dog, then you turn around and tell people that, you are the best idiot PM. I dont see your stupid development for this country at all, every things is from loan money, and most of them goes to your monkeys team.
STOP ACTING CLEVER.
Now again you are too proud that you got money, but that is not your money or you earn it. You should feel ashamed to yourself being a PM and survive by begging.
Dump!!!
Hun sen just signed again owner of khmer slave to vietcong and china.
Hun sen is the biggest retard in modern man kind.
I just love the khmer responses on this board.
I wish that people would be civil and no call anyone names.
It just seems so juvenile a response.khmers GROW UP.
Do you say khom laurng?
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