PHNOM PENH, Aug. 25 (Xinhua) -- The U.S. Export-Import Bank ( Exim Bank) and the Cambodia Chamber of Commerce (CCC) inked the Memorandum of Understanding on trade loan guarantees to boost trade between the U.S. and ASEAN member countries, according to a statement released by the U.S. embassy here on Thursday.
The MoU was signed between the U.S. Ambassador to Cambodia, Carol A. Rodley and Kith Meng, the CCC's president, earlier this week.
The agreement between the two entities reflects an initiative under the U.S.-ASEAN Trade and Investment Framework Arrangement ( TIFA), said the statement.
"Under the agreement, Exim Bank provides loan guarantees to underwrite the risk of nonpayment of medium- and long-term loans extended by commercial banks to ASEAN buyers of U.S. goods and services," it said.
The CCC will now join business chambers from Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam under this framework, it added.
In June 2009, President Barack Obama determined that Cambodia became eligible to receive financing for purchases of U.S. exports by its private-sector buyers under the Export-Import Bank Act of 1945.
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England Promises to Invest US$ 2.22 billion in Cambodia
AKP Phnom Penh, August 25, 2011–
England promised to invest in Cambodian around US$ 2.22 billion make total investment projects in country during 7 month of the year increased up to US$5.5 billion, Council for Development of Cambodia (CDC)’s reported to the media.
According to the report, in the first seven months of the year, England is the largest investor with the promised investment of US$ 2.22 billion, followed by the domestic investor of US$ 1.29 billion and Chinese with US$ 1.13 billion.
The total investments in that period up to US$ 5.5 billion increased from US$ 1.37 billion in the same period in previous year.
There were 75 investment projects approved, including 4 investment projects in tourism worth up to US$ 2.44 billion, 60 industrial projects about US$ 2.6 billion, and other 11 projects on agriculture, rubber, telecommunication and services with US$ 460 million.
By KHAN Sophirom
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